Naira appreciates to N1,483/$1 at Official Market

Date:

June 11, 2024.

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Azonuchechi Chukwu.

The Naira marginally appreciated against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Monday, June 10 by 37 Kobo or 0.02 per cent to close at N1,483.62/$1 compared with last Friday’s N1,483.99/$1.

However, the value of forex trades in the spot market yesterday declined by 39.9 per cent or $107.58 million to $161.89 million from the $268.17 million recorded in the previous session, according to data from FMDQ Securities Exchange.

The Nigerian Naira also gained N5 against the US Dollar in the parallel market on Monday to quote at N1,480/$1 compared with the preceding trading day’s rate of N1,485/$1.

Also, the local currency improved its value against the Pound Sterling in the official market by N57.47 to sell at N1,842.45/£1 compared with the preceding session’s N1,899.92/£1 and against the Euro, it scaled up by N49.94 to quote at N1,567.67/€1 versus N1,617.61/€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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