Naira Crashes to N1,510/$1 at Official Market, N1,520/$1 at Black Market

Date:

June 28, 2024.

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Azonuchechi Chukwu.

The Naira weakened by 0.15 per cent or N2.27 against the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Thursday to N1,510.10/$1 compared with the preceding trading session’s N1,507.83/$1.

Data from the FMDQ Securities Exchange indicated that the forex turnover for the session significantly increased by 62.8 per cent or $110.82 million to $287.21 million from the $176.39 million recorded in the last trading session.

At the black market also, the Naira suffered a loss of N20 against the greenback during the trading session to finish at N1,520/$1 versus the midweek’s closing price of N1,500/$1.

Equally, the Nigerian Naira further weakened against the Pound Sterling in the official market yesterday by N4.43 to sell for N1,906.38/£1 compared with the previous day’s N1,901.95/£1 and depreciated against the Euro by N4.30 to close at N1,609.97/€1, in contrast to Wednesday’s value of N1,605.67/€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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