Business
Naira again depreciates against Dollar at official market
The Naira has again depreciated against the dollar at the official market to make it two straight days of losses.
Data from FMDQ securities showed that at the Investors and Exporters Window on Thursday, Naira exchanged at N424.62 to the dollar.
The figure represented an appreciation of 0.01 per cent compared with N424.58, for which it exchanged for the dollar on Wednesday.
The open indicative rate closed at N424.30 to the dollar on Thursday, while an exchange rate of N444 to the dollar was the highest rate recorded within the day’s trading before it settled at N424.62.
READ ALSO: Naira falls to N620/$1 at peer-to-peer market
During trading, a total of 87.95 million dollars was exchanged by participants.
Naira’s good performance follows the news from the Central Bank of Nigeria (CBN) that external reserves were on the rise and almost at $40 billion.
CBN updated data as of Wednesday, 13 July, showing the reserves stood at $39.4, a massive leap from $38.4 billion it started the month.
The rise in foreign reserves will give CBN enough firepower to tackle the forex scarcity that has forced Nigerians to approach the black market.
-
Business7 days agoAbuja gears up for Jetour T2’s rugged-luxury experience
-
News5 days agoUK, Canada pledge closer cooperation on trade, defence and AI
-
Business1 week agoNigeria Business Outlook: Dangote IPO, markets, inflation and naira in focus this week
-
Business1 week agoDangote IPO rush crashes Bamboo login as investors flood platform
-
Business6 days agoTinubu’s economic reforms face public confidence test as cost-of-living crisis persists
-
Business6 days agoDangote: Petrol price gap fuels smuggling as Nigeria faces fresh pump price surge
-
Business3 days ago
Dangote Refinery IPO: Can small investors really make money from the shares?
-
Comments and Issues4 days agoWavy fuel prices and deepening cost-of-living crises in Nigeria