NAIRA SLUMPS TO N1,600/$ IN PARALLEL MARKET
From N1,590 per dollar last weekend to N1,600 per dollar on Tuesday, the Naira depreciated further in the parallel market.
In contrast, the Nigerian Autonomous Foreign Exchange Market (NAFEM) saw an increase in the value of the Naira to N1,579.22 per dollar.
NAFEM is the trading segment for investors, exporters, and end-users where forex transactions are conducted at exchange rates determined by current market conditions.
Data from FMDQ indicated that the indicative exchange rate for NAFEM fell to N1,579.22 per dollar from N1,579.89 per dollar last Friday, marking a 67 kobo gain for the Naira.
The volume of dollars traded in the market surged by 41.4 percent, rising to $162.99 million from $115.23 million last weekend. As a result, the margin between the parallel market and the NAFEM rate widened to N20.78 per dollar, compared to N10.11 per dollar last Friday.
More Stories
FUEL PRICE HAS RENDERED N70,000 MINIMUM WAGE USELESS — NLC
The Nigeria Labour Congress, NLC, said Thursday it would meet with the federal government on how workers could survive the...
UCL: NIGERIA’S ILENIKHENA SINKS BARCELONA IN 2-1 MONACO VICTORY
Nigerian forward George Ilenikhena came off the bench to score the winner as Monaco defeated Barcelona 2-1 in the UEFA...
PRIVATE EMPLOYERS PAYING BELOW N70,000 RISK JAIL – FG
The Federal Government has called on agencies recruiting for the private sector to adhere to the N70,000 minimum wage, warning...
BURNA BOY, ODUMODUBLVCK AMONG NOMINEES FOR 2024 BET HIP HOP AWARDS
Nigerian music superstar, Damini Ogulu, popularly known as Burna Boy, and rapper Odumodublvck have been nominated for the 2024 BET...
E-CMR: POLICE TO DISCONTINUE STOPPING VEHICLES FOR DOCUMENT INSPECTIONS
The Nigeria Police Force (NPF) has revealed that with the introduction of the digital Central Motor Registry Information System (e-CMR),...
CANADA SLASHES INT’L STUDENT STUDY PERMIT CAP, TIGHTENS WORK PERMIT RULES, OTHER REGULATIONS
Canada is implementing significant adjustments to its temporary residence programmes to better manage the influx of temporary residents and ensure...