News Formal

Naira slumps seventh times against Dollar in days at Foreign Market

  • 📰 DailyPostNGR
  • ⏱ Reading Time:
  • 23 sec. here
  • 4 min. at publisher
  • 📊 Quality Score:
  • News: 20%
  • Publisher: 59%

Dollar News

Foreign Market,Naira

The Naira has slumped seven times in recent days against the US dollar at the foreign exchange. FMDQ data showed that the Naira recorded a seventh drop against the Dollar, quoting N1309.88 per Dollar on Thursday from N1308.52 on Wednesday. This represents a N1.36 loss on a day-to-day basis.

At the parallel market section, the Naira dropped between N1,300 and N1,370 on Thursday from between N1,250 and 1,300 the previous day. In the last four days, Naira has recorded depreciation against the Dollar in the FX market. Last week, the Naira dropped three times against the Dollar in the foreign exchange market. Accordingly, the Naira had lost N237.14 since April 17, 2024 when it traded at N1,072.74 per Dollar at the FX market.

The development comes despite the Central Bank of Nigeria releasing 10,000 dollars each to BDC at N1,021 to a dollar with a caveat to sell at most 1.5 per cent above the bought price. This is the third recent intervention for BDCs amid the bank's effort to defend the Naira. BDC operators blamed peer-to-peer cryptocurrency platforms like Binance for the recent depreciation of the Naira against the dollar in the foreign exchange market.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 11. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Naira Appreciates to N1000 per US Dollar as Foreign Exchange Market OpensThe Naira has appreciated to N1000 per US dollar as the foreign exchange market opened on Monday. A Bureau De Change operator predicts further appreciation below N1000 per dollar during the week.
Source: DailyPostNGR - 🏆 11. / 59 Read more »

Naira declines to N1,450 per Dollar in black marketA Trusted Nigerian Newspaper
Source: NigeriaNewsdesk - 🏆 10. / 63 Read more »

Naira loses 0.64% against dollar at official marketThe naira on Wednesday further depreciated at the official market, trading at N1,308.52 to the dollar .....
Source: vanguardngrnews - 🏆 5. / 75 Read more »

Naira fails to appreciate against Dollar in forex market despite CBN interventionThe Naira has failed to appreciate against the US dollar at the foreign exchange market despite the Central Bank of Nigeria's recent additional release of $10,000 to Bureau De change operators. FMDQ data showed that the Naira recorded another drop to N1308.52 per Dollar on Wednesday compared to N1,300.15 exchanged on Tuesday.
Source: DailyPostNGR - 🏆 11. / 59 Read more »

Dollar to Naira Black Market Exchange Rate (April 9, 2024)CBN's new policy impacts the Dollar to Naira exchange rate, with black market values dipping below official rates. Stay updated on this surprising currency shift.
Source: TODAY - 🏆 12. / 53 Read more »