Business
Naira weakens against dollar at parallel market
The Naira on Monday depreciated by 0.8 per cent to exchange at N265 to the dollar at the parallel market.
National Daily reports that the greenback lost N2 to the dollar from its weekend value of N263.
However, at the official interbank window, the Naira exchanged at N197 to the dollar.
Traders at the market were hopeful that the Naira would rebound in 2016 if the apex bank continued to enforce its policies at the foreign exchange market.
Besides, the price of crude oil at the international market hedged up to 38.9 dollars per barrel from about 35.7 dollars per barrel at the weekend.
Oil prices rose on Monday after a breakdown in diplomatic ties between Saudi Arabia and Iran that some speculated could result in supply restrictions.
Saudi Arabia, the world’s biggest oil exporter, cut diplomatic ties with Iran on Sunday in response to the storming of its embassy in Tehran following Riyadh’s execution of a prominent Shi’ite cleric on Saturday.
-
Latest7 days agoIsrael marks 3 years since October 7 Hamas attack amid Gaza strikes, election debate
-
Energy7 days agoFuel Battle: Dangote, marketers and government clash over petrol imports
-
Energy1 week agoPetrol, diesel prices rise 86% in 2026 as costs hit fresh highs
-
Latest2 days agoFull List: Meet the 2026 Nobel Prize winners across six categories
-
Football1 week agoNigeria’s World Cup exit under spotlight as FIFA’s DR Congo files emerge
-
Latest1 week agoUS Court set to rule on release of FBI, DEA records on Tinubu
-
Business1 week agoNigerian investors at a crossroads as fixed-income yields slide
-
Latest1 week agoOyo APC crisis deepens as Oluyole reconciliation meeting ends in brawl