Naira appreciates by 0.47% at the official market

Date:

July 12, 2024.

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Azonuchechi Chukwu.

The Naira halted its fall against the Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Thursday, July 11.

The value of the Nigerian currency improved by 0.47 per cent or N7.33 to close at N1,554.65/$1, in contrast to the preceding session’s N1,561.98/$1.

This happened as there was an improvement in supply with a turnover of $348.82 million yesterday, higher than the $236.70 million recorded at midweek by 47.4 per cent or $112.12 million, according to data from the FMDQ Securities Exchange.

But in the black market, the Nigerian currency depreciated against the American currency yesterday by N10 to settle at N1,560/$1 compared with midweek’s closing value of N1,550/$1.

The Naira gained N36.11 against the British Pound Sterling during the session to finish at N1,951.83/£1 versus Wednesday’s closing price of N1,987.94/£1 and against the Euro, it appreciated by N31.43 to close at N1,645.39/€1 versus N1,676.82/€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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