Business
Naira Weakens Massively Against Dollar In Single Day
The Naira depreciated massively against the dollar in the foreign exchange market.
FMDQ data showed that the Naira weakened significantly to N1561.98 against the dollar on Thursday from N1532.58 traded on Wednesday.
This represents an N29.4 against the dollar compared to the N1532.58 traded on Wednesday.
Similarly, at the parallel foreign exchange market, the Naira fell to N1560 per dollar on Thursday from N1540 the previous day.
Further analysis showed that the Naira lost N29.4 and N20 against the dollar on Thursday at both official and parallel foreign exchange markets.
The figure surpassed the N22.91 depreciation traded from last Friday to Wednesday.
The implication is that the country’s currency had continued its depreciation streak racing to near N2000 per dollar.
The development comes despite the increase in Nigeria’s external reserves which stood at $34.66 billion as of July 4, 2024.
The most recent time the Naira was near the N2000 per dollar mark was on February 20, 2024, when it traded at N1825.
-
Metro9 months agoHusband Of Osun Missing Police Cries Out To IGP For Help
-
National9 months agoLagere Flyover: Ooni Lauds Gov Adeleke, Urges To Do More On Stomach Infrastructure
-
National9 months agoOsun Monarch Threatens Journalists As Fake Doctor Nabbed Over Pregnant Woman’s Death Freed, Resumes Duty At Hospital
-
Education6 months agoOsun Poly Commences Sales Of HND Admission Application Form For 2024/2025 Session
-
Entertainment9 months agoBuried Alive Challenge : Man Speaks From Underground After 23 hours
-
National9 months agoNigerian Man Announces ‘Buried Alive For 24 Hours’ Challenge
-
National9 months agoBinance CEO Claims Nigerian Officials Demanded Crypto Payments To ‘Make Issues Go Away’
-
Politics9 months agoGov Ododo Spent 100 Days Serving Bello As Special Driver – Okai