Naira Depreciates Further to N1,485.36/$1 at Official Market

Date:

June 21, 2024.

Thank you for reading this post, don't forget to subscribe!

Azonuchechi Chukwu.

The Naira continued its fall against the United States Dollar on Thursday after it lost N2.34 or 0.16 per cent in the Nigerian Autonomous Foreign Exchange Market (NAFEX), trading at N1,485.36/$1, in contrast to Wednesday’s exchange rate of N1,486.02/$1.

The domestic currency came under pressure yesterday despite a rise in the value of FX transactions by 16.9 per cent or $25.47 million to $176.20 million from the $150.73 million recorded in the preceding trading day, according to data harvested from the FMDQ Securities Exchange.

At the black market segment, Nigerian currency suffered a N5 loss against the US Dollar on Thursday to settle at N1,490/$1 compared with Wednesday’s exchange rate of N1,485/$1.

Also, the local currency weakened against the British Pound Sterling in the spot market during the session by N13.57 to sell for N1,884.09/£1 compared with midweek’s closing price of N1,870.52/£1 and depreciated by N15.05 against the Euro to quote at N1,591.24/€1 versus the previous day’s N1,576.19/€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.

Share post:

Subscribe

Popular

More like this
Related

Data Shows N1,117/Litre Landing Costs Push Nigeria’s Secret Subsidy Bill Higher

Rising landing costs for petrol are set to significantly...

Russian Employment Agencies Recruiting African Specialists

By Kestér Kenn Klomegâh With thousands conscripted into...

Nigeria’s Cyber Space Not Affected by Global IT Outage, ngCERT Reports

Lagos, July 19, 2024 (Naija247news) - The Nigeria Computer...
× How can I help you?