Business
Naira tumbles against Dollar at official, black markets
Nigerian currency, the Naira depreciated against the US Dollar across the foreign exchange markets on Tuesday.
Data obtained from FMDQ securies showed that at the official I&E segment of the market, the domestic currency lost 17 Kobo or 0.04 per cent against the American currency on Tuesday to quote at N461.50/$1 compared with Monday’s exchange rate of N461.33/$1.
READ ALSO: Finally, CBN breaks silence about old 500 and 1000 Naira notes
It was observed that the FX demand pressure was persistent during the session as data obtained showed that the value of forex transactions increased by 52.77 per cent or $57.00 million yesterday to $165.01 million from the $108.01 million achieved a day earlier.
Similarly, at the peer-to-peer market, traders exchanged their local currency for the American currency at N760/$1 versus N755/$1 in the previous trading session, indicating a decline of N5
In the black market, the Nigerian currency tumbled against the greenback yesterday by N1 to settle at N749/$1, in contrast to the preceding session’s N748/$1.
CBN data showed that at the interbank segment, the value of the Naira to the Pound Sterling and the Euro remained unchanged on Tuesday at N553.28/£1 and N489.27/€1, respectively.
-
Featured6 days agoRanking the seven greatest World Cup finals of all time
-
Business7 days agoOPay breaks silence on viral September shutdown claim
-
Latest7 days agoTinubu’s FBI records: Omokri challenges claims, cites 2003 Embassy reply
-
Business5 days agoX3M Ideas donates 50 Walkie-Talkies to strengthen security operations in Onigbongbo
-
Latest2 days agoCole-Alegbe unveils memoir, urges leaders to harness technology for lasting impact
-
Latest6 days ago2027: Atiku vows direct payment of local government funds if elected president
-
Latest6 days ago2027: Atiku, Obi absent as opposition begins talks on single presidential candidate
-
Latest7 days agoAnambra 2027: INEC, NDC clash over 10 disputed Assembly candidates