Naira depreciates to N1,488.60/$1 at the Official Market

Date:

June 6, 2024.

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Azonuchechi Chukwu.

The Nigerian currency depreciated against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Wednesday, June 5.

The value of forex transactions executed at the spot market yesterday, according to data from the FMDQ Securities Exchange, decreased by 48.7 per cent or $31.56 million to $205.43 million from the preceding session’s $236.99 million.

This took a toll on the Naira, which 0.8 per cent or N11.65 against the greenback to settle at N1,488.60/$1, in contrast to Tuesday’s closing value of N1,476.95/$1.

Also, the domestic currency traded flat against the US Dollar in the parallel market on Wednesday at N1,500/$1.

However, the domestic currency maintained stability against the Pound Sterling and the Euro in the official market at midweek, closing unchanged at N1,879.89/£1 and N1,604.70/€1, respectively. (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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