Business
Naira hits N502/$1 at parallel market as forex speculations heightens
The local currency, which closed at N499 to a dollar on Thursday, lost N3 at midday trading Friday, according to data on abokiFX.com, a website that collates parallel rates in Lagos.
READ ALSO: MTN, Glo, Airtel, others react to FG’s ban on Twitter
It also depreciated against Pound and Euro, trading N710 and N608, respectively.
Recently, the Central Bank of Nigeria (CBN) had made efforts to ease naira against other foreign currencies and unify the country’s forex (FX) rates.
In 2017, it introduced the I&E window to improve foreign exchange market mechanisms, deepen market liquidity, and ensure prompt execution and settlement of all FX transactions.
After its meeting on Tuesday, members of the Association of Bureau De Change Operators of Nigeria (ABCON) declared ‘Operation No Street Trading” to stop the hawking of foreign exchange.
-
Latest1 week agoIsrael marks 3 years since October 7 Hamas attack amid Gaza strikes, election debate
-
Energy1 week agoFuel Battle: Dangote, marketers and government clash over petrol imports
-
Latest2 days agoFull List: Meet the 2026 Nobel Prize winners across six categories
-
Latest1 week agoUS Court set to rule on release of FBI, DEA records on Tinubu
-
Featured6 days ago103 Million Voters: What does INEC’s new register say about Nigeria’s population?
-
Business1 week agoNigerian investors at a crossroads as fixed-income yields slide
-
Business1 week agoNigerian startup 3650HQ moves to cut rising WhatsApp costs for businesses
-
Latest1 week agoOyo APC crisis deepens as Oluyole reconciliation meeting ends in brawl