Business
Naira falls to ₦1,395/$ in parallel market
The naira recorded a fresh decline against the United States dollar on Monday, closing at ₦1,395/$ in the parallel market, compared to ₦1,386/$ recorded last Friday.
The local currency also weakened in the Nigerian Foreign Exchange Market (NFEM), where it traded at an indicative exchange rate of ₦1,385 per dollar.
Data released by the Central Bank of Nigeria (CBN) showed that the official exchange rate moved from ₦1,384/$ at the close of trading last Friday to ₦1,385/$ on Monday, reflecting a ₦1 depreciation in the value of the naira.
Consequently, the margin between the parallel and official markets widened to N9 per dollar from N2 per dollar last week Friday.
The interbank turnover at NFEM rose by 80.3 per cent to N223.9 million yesterday from N124.2 million last weekend
-
Politicians2 days agoNDC: Trending CTC of judgment show’s court has sacked Obi’s new party
-
Politicians3 days ago2027: Obi dares Tinubu to public debate
-
Inside Nigeria2 days agoGovernor Otu says parents’ values shape his people-first style of governance
-
Inside Nigeria3 days agoNUJ FCT Chairman Grace Ike bags Silent Hero in Management Award, reaffirms commitment to ethical journalism
-
National News1 day agoTinubu approves major NYSC reform as FEC moves to overhaul scheme
-
Sports1 day agoKai Havertz, others miss penalties as Paraguay knock Germany out of World Cup
-
National News1 day agoTinubu may visit Washington before end of tenure, says Nigerian envoy
-
National News3 days agoReport: National Assembly overtakes Police, emerges least trusted institution in Nigeria