New Exchange Rate Emerge As Naira Depreciates Further Against Dollar

The Nigerian naira has further depreciated against the United States dollar, closing at N1637.59 at the end of trading on Tuesday.

According to the Nigerian Autonomous Foreign Exchange, the naira fell by N14.63 from N1622.96 on Monday, representing a 0.90 percent decline in value.

This depreciation has increased the cost for Nigerians to purchase foreign goods and services.

Read Also: Tinubu Introduces ‘Fuel’ At N230 Per Litre With CNG

Data from the FMDQ revealed a substantial turnover of $143.15 million in the foreign exchange market, indicating high trading activity.

The naira experienced a volatile trading session, with the spot rate ending at N1637.59, a modest rise of N3.61 from the opening rate.

In contrast, the forward rate displayed notable volatility, ranging from a high of N1,655.00 to a low of N1,499.00.

On Friday, the naira saw a significant recovery in the official forex market, appreciating by 2.9 percent against the dollar.

This improvement was fueled by a substantial increase in dollar supply, totaling $245.17 million.

The naira strengthened to N1,593.32 on Friday, up from N1,639.41 on Thursday.

For More Information And News Update, Join Informant Online WhatsApp Channel With Link Below:

https://whatsapp.com/channel/0029VaihFajBadmT29ufud2Z

Related articles

Orji Kalu Tells Tinubu Ministers, Security Chiefs To Sack

Senator Orji Kalu, representing Abia North, has urged President...

How Fighter Jet Targeting Bandits Bombed Vigilantes In Zamfara

At least 20 vigilantes have been mistakenly killed by...

Why North Must Support South West In 2027 – Shehu Sani

Shehu Sani, who represented Kaduna Central in the 8th...

How Fubara Makes Me Weep – Wike

Federal Capital Territory (FCT) Minister Nyesom Wike revealed on...

Natasha Reacts As Sandra Duru Accuses Her Of Attempting To Destroy Tinubu’s Government

Senator Natasha Akpoti-Uduaghan, who represents Kogi Central in the...

LEAVE A REPLY

Please enter your comment!
Please enter your name here