Business
Naira appreciates at official market, trades flat at parallel market
The Naira on Wednesday closed at N741.64/$1 at the official market as against the N789.08 it traded for on Tuesday, appreciating by N47.44 kobo on the FMDQ Exchange.
However, the report said the authorised dealers had demanded as much as N804/$1 and as low as N700/41 before trading closed.
Also, authorised dealers recorded $134.12 million in foreign exchange transactions with their clients, which is more than the $67.33 million worth of forex recorded a day before.
READ ALSO: Naira now N789/$1 at official market, hits N865.3/$1 at parallel market
They increased the value of transactions by $66.79 million or 99.19 per cent, indicating supply increased significantly for the first time this week.
Meanwhile, according to Naira Rates, the price of the dollar in the black market was flat at N865.3/$1, a similar rate offered on Tuesday.
However, the average naira to pound rate dropped to N1122.1/£1 in the parallel market, against the N1124.3/£1 rate reported the previous day.
Although the cost of the euro inched higher from N963.1/€1 to N964.3/€1, according to Naira Rates, indicating the naira depreciated by 0.12 per cent.
-
Business6 days agoAbuja gears up for Jetour T2’s rugged-luxury experience
-
Business7 days agoNigeria Business Outlook: Dangote IPO, markets, inflation and naira in focus this week
-
Business7 days agoDangote IPO rush crashes Bamboo login as investors flood platform
-
News4 days agoUK, Canada pledge closer cooperation on trade, defence and AI
-
Business5 days agoTinubu’s economic reforms face public confidence test as cost-of-living crisis persists
-
Business5 days agoDangote: Petrol price gap fuels smuggling as Nigeria faces fresh pump price surge
-
Latest1 week agoHamzat meets Pastor Chris Oyakhilome, hails Christ Embassy’s community impact
-
Latest5 days agoCourt sets 7-day window for Atiku to serve Tinubu in 2027 suit