Naira Depreciates To N1,484.75/$1 At The Official Market

Date:

May 31, 2024.

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Azonuchechi Chukwu.

The Nigerian Naira depreciated on Thursday at the Nigerian Autonomous Foreign Exchange Market (NAFEX), which is the official market, by losing 11.7 per cent or N155.10 against the US Dollar to sell for N1,329.65/$1 compared with the previous day’s rate of N1,484.75/$1.

Data obtained from the FMDQ Securities Exchange indicated that the day’s turnover decreased by 30.0 per cent or $100.13 million to $235.76 million from the $336.54 million recorded in the previous trading session.

In the parallel market, the local currency gained N5 against its American counterpart on Thursday to trade at N1,485/$1, in contrast to midweek’s value of N1,490/$1.

However, the Naira appreciated against the Pound Sterling in the spot market yesterday by N239.52 to wrap the session at N1,524.52/£1 compared with Wednesday’s closing price of N1,764.43/£1 and against the Euro, the Nigerian currency improved by N203.95 to quote at N1,297.43/€1 versus N1,500.58/€1.(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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