The Naira saw a further decline yesterday, slipping to N1,595 per dollar in the parallel market, down from N1,590 per dollar on Tuesday.
The depreciation trend extended to the Nigerian Autonomous Foreign Exchange Market (NAFEM), where the Naira weakened to N1,586.04 per dollar.
According to data from FMDQ, the indicative exchange rate for NAFEM increased to N1,586.04 per dollar from N1,582.09 per dollar recorded on Tuesday, marking a depreciation of N3.95 for the Naira.
Additionally, dollar trading volume in the market dropped by 54 percent, falling to $92.39 million from Tuesday’s $201.43 million. As a result, the gap between the parallel market and the NAFEM rate expanded, with the margin widening to N8.96 per dollar from N7.91 per dollar.
As of August 2024, the Nigerian naira has depreciated by 43%, positioning it among the worst-performing currencies in Sub-Saharan Africa,…
The Independent Petroleum Marketers Association of Nigeria (IPMAN) is preparing for discussions with Dangote Petroleum Refinery to finalize an agreement…
The Nigerian electricity distribution companies (Discos) achieved a revenue collection efficiency of 79.31% in the second quarter of 2024, according…
Justice Emeka Nwite of the Federal High Court in Abuja has denied a new bail application for Binance executive Tigran…
Former Vice President Atiku Abubakar has strongly criticized President Bola Tinubu's handling of the fuel subsidy issue, attributing the nation's…
A group of senators has raisedy concerns about the growing interference by state governments in local government affairs, warning that…