Business

Naira depreciates massively against US dollar at foreign exchange market

At the foreign currency market on Thursday, the value of the Naira substantially declined compared to the US dollar.

The Naira dropped from N882.24 per dollar on Wednesday to N900.96 per dollar on Thursday, according to data from FMDQ.

The local currency closing price of N900.96 indicates a 2.12% drop, or N18.72, over the closing price of N882.24 on Wednesday.

In the same vein, the Naira lost value on the parallel foreign currency market, falling to a record low of N1,410 per US dollar, or 0.37 percent less than it was on Wednesday.

The depreciation occurs in spite of a 103.52% increase in FX turnover, which closed Thursday at $115.19 million.

According to ZINGTIE, the Naira declined on Wednesday as well, depreciating N22.35 over the previous two days.

In his speech at the Nigeria Economic Group Perspective for 2024 on Wednesday, Olayemi Cardoso, the governor of the Central Bank of Nigeria, promised that the top bank will strive toward actual price discovery in the foreign exchange market.

Please don’t forget to “Allow the notification” so you will be the first to get our gist when we publish it. 
Drop your comment in the section below, and don’t forget to share the post.

Jonathan Nwokpor

View Comments

Recent Posts

‘CHEVRON DRAGNET’ is launched by MOVEMENT, damaging several pipelines.

Keep up with latest news and be part of our weekly giveaways and airtime sharing,…

34 minutes ago

JUST IN: El-Rufai’s wife tackles her son over Tinubu on social media

Keep up with latest news and be part of our weekly giveaways and airtime sharing,…

57 minutes ago

VIDEO: Tinubu should release Nnamdi Kanu or we will do this to his wife – Rochas Okorocha blows hot

Keep up with latest news and be part of our weekly giveaways and airtime sharing,…

1 hour ago

VIDEO: Mum of 4 shames ex-husband who said she won’t find another man, flaunts ring

Keep up with latest news and be part of our weekly giveaways and airtime sharing,…

1 hour ago

VIDEO: The snake is still in the room – 17 year-old boy frustrated over ritual gone wrong

Keep up with latest news and be part of our weekly giveaways and airtime sharing,…

1 hour ago

VIDEO: Dispatch rider who was sent to deliver a bowl of catfish and banga soup eats it all

Keep up with latest news and be part of our weekly giveaways and airtime sharing,…

1 hour ago