Naira appreciates against US Dollar by 0.23% to close at N463.33/$1

Date:

May 25, 2023.

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Azonuchechi Chukwu.

The Nigerian currency appreciated against the US Dollar in the Investors and Exporters (I&E) window, by 0.23 per cent or N1.09 to close at N463.33/$1 versus the previous day’s rate of N464.42/$1, with bids moderating when compared with the previous day.

Data from FMDQ Securities Exchange showed that investors bid the Naira to the Dollar as low as N460.00/$1 and as high as N467.00/$1. In the previous session, it was as high as N632.00/$1, stoking fears of devaluation.

In the parallel market, the domestic currency depreciated against its American counterpart yesterday by N2 to trade at N762/$1, in contrast to Tuesday’s value of N760/$1.

This happened as the value of forex transactions eased to $77.00 million from the $215.91 million reported on Tuesday, indicating a decline of $138.91 or 64.3 per cent.(www.naija247news.com).

Chukwu Azochukwu, The Naija247news
Chukwu Azochukwu, The Naija247newshttps://gravatar.com/azonuchechivchukwu
Azonuchechi Chukwu - Business Journalist at Naija247news.com Azonuchechi Chukwu is a seasoned business journalist contributing to the insightful coverage of economic and financial news at Naija247news.com. With a passion for unraveling the complexities of the business world, Azonuchechi brings a wealth of expertise and dedication to his role. As a Business Journalist, Azonuchechi specializes in providing comprehensive analyses of market trends, corporate developments, and economic indicators. His in-depth reports offer Naija247news.com readers a nuanced understanding of the forces shaping the Nigerian and global business landscapes. Azonuchechi Chukwu's commitment to journalistic excellence is evident in his ability to translate complex financial information into accessible and engaging narratives. Whether exploring stock market fluctuations, corporate strategies, or economic policies, he strives to deliver content that empowers readers with valuable insights. With an educational background in business and a keen interest in the intersection of finance and technology, Azonuchechi stays at the forefront of industry dynamics. His coverage extends beyond traditional financial reporting, encompassing the dynamic realms of fintech, entrepreneurship, and sustainable business practices. Azonuchechi Chukwu's work goes beyond the surface, aiming to foster financial literacy and awareness among Naija247news.com's audience. By demystifying economic complexities and shedding light on emerging opportunities, he plays a pivotal role in keeping readers well-informed in the fast-paced world of business. As Naija247news.com's Business Journalist, Azonuchechi Chukwu continues to make meaningful contributions to the platform's mission of delivering timely, accurate, and relevant business news to its diverse audience. His dedication to journalistic integrity and his ability to navigate the intricacies of the business realm make him an invaluable asset to the Naija247news.com team.

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