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.
-
Health1 week agoSenate hearing set to review research on COVID-19 vaccines, cancer concerns
-
Crime6 days agoLASU student dies after armed robbery attack
-
Featured6 days agoOsun APC counters Adeleke over security drone dispute, urges public to ignore allegations against Oyetola
-
Latest1 week ago2027: North will back Tinubu’s re-election bid, says ex-ACF Secretary-General
-
Football6 days agoArsenal confirm departure of 15 players ahead of summer exit
-
Comments and Issues1 week agoDay Ibori stormed Asaba for Oborevwori’s third anniversary
-
Politics6 days agoEmeka Ike reacts to alleged INEC-linked data breach
-
Politics6 days agoFour PDP reps from Bauchi defect to APM, cite internal party crisis