Naira Falls to N1,500/$1 at Official Market


June 26, 2024.

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Azonuchechi Chukwu.

The Naira depreciated further against the United States Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Tuesday amid the foreign exchange (FX) crisis in the country.

The Nigerian currency lost 0.71 per cent or N10.59 against the US Dollar in the official market to trade at N1,500.79/$1 compared with the preceding day’s N1,490.20/$1.

The value of forex trades in the spot market, according to data from the FMDQ Securities Exchange, went down by 10 per cent or $15.25 million to $136.75 million from the $152.00 million recorded in the preceding trading session.

However, the Naira gained N5 against the American currency in the black market during the session to trade at N1,500/$1, in contrast to the previous day’s value of N1,505/$1.

Also, the domestic currency lost against the British Pound Sterling in the official FX market by N19.34 yesterday to sell for N1,890.86/£1 compared with Monday’s closing price of N1,871.52/£1 and shed N15.81 against the Euro to sell for N1,598.78/€1 versus the N1,582.97/€1 it was exchanged a day earlier.(

Chukwu Azochukwu, The Naija247news
Chukwu Azochukwu, The Naija247news
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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