Naira depreciates by 0.17% at the Official Market


June 10, 2024.

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Azonuchechi Chukwu.

Nigerian Naira on Friday depreciated against the American Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) by 0.17 per cent or N2.50 to quote at N1,483.99/$1compared with the preceding session’s N1,481.49/$1.

Data from the FMDQ Securities Exchange revealed that the value of forex transacted during the trading session increased by 26.2 per cent or $55.96 million to $269.27 million from the $213.31 million executed in the previous trading day.

In the parallel market also known as black market, the local currency improved its value against its American counterpart on Friday by N5 to sell for N1,490/$1 compared with the preceding session’s exchange rate of N1,495/$1.

Also, in the official FX market, the Nigerian Naira crumbled against the Pound Sterling during the trading day by N6.69 to finish at N1,899.92/£1, in contrast to Thursday’s closing value of N1,893.23/£1 and against the Euro, the Nigerian currency lost N6.54 to settle at N1,617.61/€1 versus N1,611.07/€1(

Azonuchechi Chukwu
Azonuchechi Chukwu
Azonuchechi Chukwu - Business Journalist at Azonuchechi Chukwu is a seasoned business journalist contributing to the insightful coverage of economic and financial news at 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 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'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'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 team.

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