Naira Falls To Lowest N848/$ At Official Market

That’s nine percent lower than the closing rate of N778/$ on Monday, representing the biggest single day decline this month.

One of the traders said on Tuesday that individuals who want to travel for business, school, health and tourism are buying dollars from the street traders because they could not meet their demands from the official market.Naira on Tuesday afternoon fell to an all-time low of N1,050 per dollar following strong demand for dollars at the parallel market, popularly called the black market.

Nigeria’s currency weakened against the dollar on Monday as foreign exchange market liquidity declined by 18.72 percent at the official market. According to the data obtained from the FMDQ, the daily foreign exchange market turnover, which reflects the level of liquidity or transaction in the market, declined by 18.72 to $43.09 billion on Monday from $53.02 billion recorded on Friday.

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Of bans, foreign exchange earnings, and a strong naira, By Uddin IfeanyiPlenty of dollars running after few naira, inflated the naira’s value. Nigeria was strong in the eyes of most patriots who beheld it.
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Naira loses 2.3% at I&E, as stock market turnover hits N24 billionNaira depreciated by 2.3 per cent to N759.20 (as of 12 October) at the Investors’ and Exporters’ (I&E) window, with total turnover at the window (as of 12 October 2023) increasing by 79.1 per cent WTD to $629.37 million, as trades were consummated within the N700 –N846/$ band. [ad] Last Friday, naira depreciated by 0.
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