Business
Naira hits new record low at parallel market as FX scarcity persists
Naira on Thursday fell to a record new low of N740 per dollar at the parallel market due to increased demand for foreign exchange (FX).
After trading on Thursday, the local currency lost N15 (2.03 per cent) to the dollar, which traded at N725/$ on Tuesday.
With the latest rate, Naira has depreciated by N175 (23.65 per cent) when compared with N565/$ at the beginning of the year.
At the Investors and Exporters window (I&E) forex window, Naira appreciated marginally by 0.02 per cent as the dollar was quoted at N436.25 on Thursday as against the last close of N436.33 on Wednesday.
Most currency dealers who participated in the foreign exchange auction on Thursday maintained bids between N420.50 (low) and N438.45 (high) per dollar.
As at the end of trading, a total of $223.30 was exchanged by participants at the official market.
-
Featured5 days agoInside INEC’s race to prepare for Nigeria’s 2027 elections
-
Latest1 week agoUCTH faces morgue crisis as 50 unclaimed corpses await mass burial
-
Featured5 days ago2027: APC unveils nationwide campaign timetable, Tinubu to rally in 12 states
-
Business6 days agoPresident Tinubu and the Low Transport Fares Fiasco
-
Business1 week agoBREAKING: Nigeria’s Inflation Rate Drops to 14.63% in September
-
Business5 days agoCourt dismisses ₦170m Trade Fair contract claim, says Zenith Bank was not a party
-
Business3 days agoNaira faces exchange rate gap as Dollar hits N1,380 on parallel market
-
Latest6 days agoGlobal excitement builds as Healing Streams Live Services returns October 23