Business
Naira drops to biggest low against US Dollar
Nigerian currency has dropped to its biggest low against the US dollar in the last seven months at the official market, and it could get worse in the coming months.
FMDQ securities data showed that at the official market, Naira on Tuesday closed at N430, which is a N4.25 or 0.99 per cent devaluation from N425.75 posted in the previous market session on Monday.
The last time Naira exchanged at N430 or above was Thursday, 30th December 2021 at the official market.
Within the past two weeks, it has been trading between the range of N420 and N425 and above the benchmark before getting worse on Tuesday.
Naira’s depreciation on Tuesday was expected given the increase in US interest rate and low forex supply on Tuesday.
Forex supply at the market dropped to a massive $47.56 million.
Meanwhile, Black market traders said they bought the naira at N611.00 and sold at N616.00 to a dollar on Tuesday.
-
Football4 days agoArgentine presenter Florencia Peña resigns after false on-air report about Lionel Messi’s father
-
Business6 days agoNigeria launches FreeTV digital platform with over 100 free channels
-
Business4 days agoAward-winning Mitsubishi L200 gets anniversary price cut in Nigerian market
-
Latest1 week agoBREAKING: Court orders INEC to deregister ADC, Accord Party, others ahead of 2027 elections
-
News1 week agoObisesan empowers students, farmers others in Efon, receives praises from beneficiaries
-
Comments and Issues7 days agoA tale of two kidnappings
-
Business3 days agoThe CBN’s Exposure Draft on Holding Companies of Banks: Matters Arising
-
Football5 days agoAfrican Teams Show Resilience on FIFA World Cup 2026 Matchday One