Naira Appreciates Against Dollar by0.61% at NAFEM

Date:

August 6, 2024.

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Azonuchechi Chukwu.

The Naira appreciated against the US Dollar by 0.61 per cent or N9.93 in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Monday, August 5, selling at N1,607.15/$1 compared with last Friday’s closing price of N1,617.08/$1, according to data obtained from the FMDQ Securities Exchange.

This happened despite low forex supply in the market, evidenced by a turnover of $77.09 million during the trading session, 41.4 per cent or $54.46 million lower than the $131.55 million recorded in the preceding trading day.

However at the black market, the Nigerian Naira maintained stability against the greenback during the trading day at N1,605/$1.

The local currency depreciated against the Pound Sterling yesterday by N24.84 to sell for N2,076.34/£1, in contrast to last Friday’s closing value of N2,051.50/£1 and weakened against the Euro by N34.26 to quote at N1,764.15/€1 compared with the preceding session’s N1,729.89/€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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