Business
Naira under pressure at official market as FX scarcity persists
The Naira was under pressure against the US dollar in the foreign exchange (forex) market’s Investors and Exporters (I&E) and Peer-to-Peer (P2P) windows at the weekend.
According to FMDQ Securities Exchange data, the Nigerian Naira fell to a new low of N439.17/$1 after losing 0.58 per cent or N2.54 from the previous day’s rate of N436.63/$1.
The value of transactions in the spot market slightly went down by 1.0 per cent or $1.04 million to $99.70 million from the $100.74 million achieved a day earlier.
But in the P2P forex window, the value of the Nigerian currency against the Dollar appreciated by N2 to close at N741/$1 in contrast to N743/$1 and in the parallel market, the domestic currency closed flat at N731/$1.
In the interbank segment, the Naira gained N1.57 against the Pound Sterling to close at N487.34/£1 versus Thursday’s N488.91/£1, and against the Euro, it gained N2.22 to end the day at N425.87/€1 compared with the preceding session’s N428.09/€1.
-
Sports4 days agoSenegal opens Dakar 2026 Youth Olympic Games, Africa’s first Olympic event
-
Latest6 days agoTinubu endorses Nigeria’s participation in 2026 World Travel Market London
-
Football5 days agoU-17 Women’s World Cup: Flamingos Beat Mexico to Reach Quarter-Finals
-
Business3 days agoNNPC’s N66-per-litre petrol discount set to end October 31
-
Latest4 days agoNetanyahu, Eisenkot face coalition deadlock as Israel struggles to form new government
-
Latest3 days agoINEC recognises Pantami for Gombe, keeps Kano NDC candidate off final list
-
Latest3 days agoFG Announces N50,000 cash support for vulnerable Nigerians under new relief programme
-
Latest3 days agoNDC Chieftain tells Atiku to drop presidential ambition over son’s support for Tinubu