Naira Appreciates to N1,230/$1 at NAFEM Window

Date:

April 9, 2024.

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Azonuchechi Chukwu.

Nigerian Naira gained at the two major segments of the foreign exchange (FX) market on Monday, appreciating by 1.3 per cent or N20.44 against the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) to trade at N1,230.61/$1 compared with last Friday’s closing value of N1,251.05/$1.

The local currency recorded these gains during the opening session of the week despite a shortfall in the supply of forex to the spot market, as the turnover went down by 49.4 per cent or $122.72 million to $125.55 million from $248.27 million.

Similarly, the domestic currency appreciated against the greenback on Monday in the parallel market by N20 to quote at N1,220/$1 compared with the preceding trading session’s value of N1,240/$1 as the Central Bank of Nigeria (CBN) injected fresh FX into the market via the Bureau de Change (BDC) outlets.

Also, the Naira improved its value against the Pound Sterling in the official market yesterday by N11.62 to sell for N1,574.17/£1 compared with the previous session’s rate of N1,585.79/£1, and against the Euro, it strengthened by N10.16 to close at N1,350.43/€1 versus N1,360.59/€1.(www.naija247news.com).


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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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