Naira drops against Dollar marginally by 0.98% in the official market

Date:

February 7, 2024.

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Azonuchechi Chukwu.

The Nigerian naira dropped against the dollar marginally on Tuesday, February 6th, 2024, in the official market.

The domestic currency depreciated 0.98% to close at N1433.89 to a dollar at the close of business, based on data from NAFEM where forex is officially traded.

This represents an N14.03 loss or a 0.98% decrease in the local currency compared to the N1419.86 it closed at on the previous day.

The intraday high recorded was N1,519.78/$1, while the intraday low was N894.99/$1, representing a wide spread of N624.79/$1.

This is the 6th straight day that the exchange rate intra-day high has remained at above N1,500/$1.

According to data obtained from the official NAFEM window, forex turnover at the close of the trading was $465.29 million, representing a 20.26% decrease compared to the previous day.

However, the naira appreciated marginally at the parallel forex market where forex is sold unofficially, the exchange rate quoted at N1450/$1, representing a 0.34% increase over what it closed the previous day, while peer-to-peer traders quoted around N1487.50/$1.  (www.naija247news.com).

Azonuchechi Chukwu
Azonuchechi Chukwuhttps://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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