Business

Naira depreciating again against dollar

The foreign exchange market saw a N81.34 depreciation of the naira against the US dollar in a single day.

The naira fell to N1,154.08 per dollar on Thursday from N1,072.74 on Wednesday, according to FMDQ statistics.

Compared to the N1,072.74 per dollar traded the day before, this indicates a 7.04 percent loss against the dollar.

In a similar vein, on the parallel market, the value of the naira fell from N1, 040 on Wednesday to N1, 100 per dollar on Thursday.

Because of this, the naira is weakening vs the dollar for the second time in three days due to concerns over running out of foreign exchange reserves.

In the meantime, Olayemi Cardoso, the governor of the Central Bank of Nigeria, announced in a statement on Wednesday that the nation’s foreign reserves had recently been boosted by $600 million.

Prior to this, on April 15, Nigeria’s foreign exchange reserves fell to $32.29 billion.

Nonetheless, Cardoso stated that Naira’s rise can be maintained as long as there is liquidity in the nation’s 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

Citizens Commend Tinubu, Extols Gbajabiamila, Momoh, Tunji-Ojo for diligent service

A frontline Assembly of progressive minds known as THE CITIZENS has commended President Bola Ahmed…

9 hours ago

VIDEO: See what Equatorial Guinea Balthazar was caught doing again

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

21 hours ago

Man deported as wife reports him to US embassy for abandoning her and their 3 kids

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

21 hours ago

No one can stop me from marrying 78 year old man including my parents.

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

21 hours ago

VIDEO: Military man allegedly marries wife off to man she cheated with, feeds them cake

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

21 hours ago

Lady finds her mother’s secondary school result which reveals the hidden truth

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

21 hours ago