Business
Naira falls heavily as exporters continue to battle forex shortages
The Naira has fallen heavily to the US dollar as investors, and exporters continue to battle with forex shortages.
Data from FMDQ securities showed Naira closed the market on Wednesday at 424.88 to the dollar against 421.00 traded on Tuesday, a 0.80 percent depreciation.
During trading, participants exchanged Naira for the dollar as high as N444.00 before it settled at N424.88.
FMDQ also reported that a total of 112.83 million dollars transaction was carried out by participants compared with 206.65 million dollars traded on Tuesday.
At the official market, CBN data shows Naira also performed poorly in the interbank segment of the forex market.
Naira’s value against the Pound Sterling dropped to N505.90 compared to N509.82/£1 it was exchanged on Tuesday.
It was a similar situation against the Euro as it closed to N437.59 from N439.49/€1 yesterday.
Business6 days agoTelecom inflation falls to 2.3% amid price freeze, regulatory tensions
Business6 days agoNigeria’s auto industry stagnates over policy delay, LCCI warns
Politics5 days agoJustice ministry plans more trainings for staff in Delta
- Crime6 days ago
IG Egbetokun bans police from making arbitrary arrests, detaining youths, collecting phones, and conducting searches
Trending Stories1 week agoTravel vlogger Tayo Aina shares why he moved to Portugal after spending $150K on St. Kitts citizenship
Latest1 week agoINEC chairman is alive, Oyekanmi tells Nigerians
Sports1 week ago3rd edition of Seyi Tinubu Table Tennis Tourney shifted to December 20
Business4 days agoNCC’s regulatory reforms, strategies set to redefine Nigeria’s telecom industry