Business
Naira sinks further at parallel market, moves closer to N500/$1
The Naira opened the new week with another drop in value, trading lower against the U.S dollar on Monday at the parallel segment of the foreign exchange market.
The local currency depreciated against the Dollar to exchange at N486 to a dollar on Monday against N485 it went on Friday.
According to market data, this represents a N1 or 0.20 per cent drop in value between the two trading days. This is the lowest value since April.
However, Naira gained marginally at the Investors and Exporters window of the foreign exchange market.
READ ALSO:GTBank shareholders’ fund dips as stock market value declines
Data from FMDQ Security Exchange shows that at the NAFEX window, Naira opened the week at N411.25. This represents a gain of N0.75 or 0.18 percent from N412.00 it closed last week.
FMDQ data also shows that market participants bid for the currency, at N394.00 and N415.00 during trading.
This occurred as daily market liquidity increased to $211.86 million from $89.72 million on Friday. At the end of trading on Monday, the market’s difference now stands at 74.75.
-
Featured1 week agoRanking the seven greatest World Cup finals of all time
-
Latest3 days agoCole-Alegbe unveils memoir, urges leaders to harness technology for lasting impact
-
Business6 days agoX3M Ideas donates 50 Walkie-Talkies to strengthen security operations in Onigbongbo
-
Latest1 week ago2027: Atiku vows direct payment of local government funds if elected president
-
Latest1 week ago2027: Atiku, Obi absent as opposition begins talks on single presidential candidate
-
Latest1 week agoAtiku’s attack on Tinubu’s vacation ‘embarrassing, poorly researched’ — Abati
-
Business3 days agoJetour G700 PHEV Storms Abuja as Jetour Nigeria Takes Luxury Mobility Showcase to FCT
-
Business5 days agoRising crude prices threaten fresh petrol price hike in Nigeria