Business
Naira depreciates further against Dollar at official window
The value of Nigerian currency fell to the U.S dollar after Monday trading activities at the Investors and Exporters (I&E) segment of the foreign exchange (forex) market.
Data from FMDQ securities exchange where Naira is officially traded showed that Naira depreciated by 25 kobo or 0.06 percent to U.S dollar to close at N414.55/$1 compared with N414.30/$1 it traded on Friday.
This happened on the back of a 73.7 percent rise in the demand for forex as participants at the Market on Monday bid for one dollar as high as N444.
FMDQ data showed the value of transactions for the trading session stood at $73.11 million as against the previous session’s turnover of $99.14 million.
However, at the interbank segment of the market, the Nigerian currency recorded no movement against the American currency as it closed flat N411.29/$1 yesterday.
It was a similar scenario at the same window against the Pound Sterling and the Euro as the exchange rate of the Naira remained unchanged at N553.02/£1 and N474.38/€1 respectively.
While at the black-market Naira sold at N565 to a U.S dollar.
-
Crime7 days agoServing police officers arrested with firearms amid escalating Cross River communal crisis
-
Latest6 days agoHigh Court opens hearing on Goodluck Jonathan’s 2027 presidential eligibility
-
Latest5 days agoNigerian Senate reverses standing orders amendment over constitutional concerns
-
Latest2 days agoWike loyalists dominate As APC clears 33 aspirants for Rivers Assembly primaries, 65 disqualified
-
Crime15 hours agoBritish-Nigerian prisoner escapes after mistaken release from custody
-
Business8 hours agoAnger, debate trail proposed $1.25bn loan amid concerns over Nigeria’s debt surge
-
Business8 hours agoNigeria’s 2026 debt servicing hits $11.6bn as Tinubu decries global financial inequity
-
Crime8 hours agoNDLEA seizes N10.4bn Canadian ‘loud’ shipment at Lagos Port, vows crackdown on syndicates