Business
Naira slides at official market, stable at parallel market
Naira on Wednesday recorded marginal depreciation against the dollar following a low activity level at the Investors and Exporters (I&E) forex window, Nigeria’s official foreign exchange market.
After trading on Wednesday, naira fell 0.06 per cent as the dollar was quoted at a rate of N437.50/$ compared to N437.25/$ quoted on Tuesday at the I&E or Nigerian Autonomous Foreign Exchange Rate Fixing (NAFEX) window.
READ ALSO: Naira moderates at parallel market, appreciates against Dollar
Most traders who participated at the foreign exchange auction on Wednesday maintained a bid at N460 (high) and N425 (low).
The daily foreign exchange market turnover declined by 34.94 per cent to $70.42 million on Wednesday from $108.24 million recorded on Tuesday, data from the FMDQ indicated.
At the parallel market, popularly called black market, the local currency closed unchanged at N735 per dollar as demand slowed.
In the last month, the naira has depreciated by 3.97 per cent in the parallel market. It traded at N704/$ at the beginning of September to N732/$ this week.
-
Football1 week agoPost-World Cup Shake-Up: Managerial changes, record transfers dominate football headlines
-
Football1 week agoWAFCON 2026: Super Falcons target winning start as Nigeria face debutants Malawi
-
Energy6 days agoNigeria wastes enough gas to Ggenerate 62,400GWh of electricity amid deepening energy crisis — NOSDRA
-
Business3 days agoInformation Minister, VON DG to lead ARCON’s 2026 Advertising Industry Colloquium
-
Business4 days agoCooking gas dealers slash prices amid intensifying market competition
-
Health6 days agoFauci’s personal diaries fuel renewed scrutiny of COVID-19 vaccine safety
-
Latest6 days agoADC petitions Judge after Appeal Court overturns deregistration ruling
-
News1 week agoIgbo leader Mkparu, Praises Gov Mutfwang, criticizes Dalung over apology controversy