Naira depreciates to N1,479.47/$1 at the Nigerian Foreign Exchange Market Window

Date:

February 9, 2024.

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Azonuchechi Chukwu.

The Nigerian Naira continues to depreciate against the American Dollar across both the official and black markets on Thursday, February 9 2024.

According to data from the NAFEM, the official forex trading platform, the domestic currency depreciated by 4.1%, closing at N1,479.47 to a dollar after trading hours.

This marks a notable N60.69 drop or a 4.1% decrease in the local currency compared to the previous closing rate of N1,418.78 on Wednesday.

The intraday high recorded was N1504/$1, while the intraday low was N946.82/$1, representing a wide spread of N557.18/$1.

According to data obtained from the official NAFEM window, forex turnover at the close of the trading was $321.23 million, representing a 57.52% increase compared to the previous day.

In the parallel market where the exchange rate is sold unofficially, the dollar sold for as high as N1,500/$1 with the £1/N1,890 and the EUR1/N1,600. (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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