Got a tip? Call (777) 625-7647
Subscribe
Search
More
    HomeBusinessEconomyNaira Falls to N1,635.15/$ in Official Market as Dollar Turnover Drop

    Naira Falls to N1,635.15/$ in Official Market as Dollar Turnover Drop

    Economy

    Published on

    Daily Newscraft

    By Aaior K. Comfort

    The Naira has continued its downward trend, depreciating to N1,635.15 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM). According to data from FMDQ, the indicative exchange rate for NAFEM rose from N1,631.21 per dollar last Friday to N1,635.15, marking a depreciation of N3.94.

    In contrast, the Naira showed slight improvement in the parallel market, appreciating to N1,660 per dollar from N1,665 last weekend.

    The volume of dollars traded in the official market saw a significant decline, dropping by 47% to $126.24 million from $238.36 million traded the previous weekend. As a result, the gap between the parallel market rate and the official NAFEM rate narrowed to N24.85 per dollar from N33.79 per dollar recorded last Friday.

    This ongoing depreciation highlights the pressure on the Naira as the demand for foreign exchange continues to outstrip supply in both official and parallel markets.

    Latest articles

    Business

    Nestoil: Lagos CP Dragged to Court for Alleged Contempt, Risks Imprisonment

    The Lagos State Commissioner of Police, Mr. Olohundare Jimoh Moshood, has been named in...
    Business

    UK-Based Energy Watchdog Commends Komolafe for Setting Global Benchmark in NUPRC’s $10bn Licensing Round

    A UK-based energy watchdog, the Global Energy Transparency Initiative (GETI), has commended the Nigerian...
    Economy

    Ojulari’s Impact Highlighted as Accountability Centre Cheers NNPC’s N5.4trn Profit

    A policy advocacy group, the Centre for Energy Accountability and Reform (CEAR), has commended...
    News

    Food security: FG drums support for private sector participation in agricultural ecosystem

      The Federal Government said that the private sector's participation in the agricultural ecosystem would...

    More like this

    Business

    Nestoil: Lagos CP Dragged to Court for Alleged Contempt, Risks Imprisonment

    The Lagos State Commissioner of Police, Mr. Olohundare Jimoh Moshood, has been named in...
    Business

    UK-Based Energy Watchdog Commends Komolafe for Setting Global Benchmark in NUPRC’s $10bn Licensing Round

    A UK-based energy watchdog, the Global Energy Transparency Initiative (GETI), has commended the Nigerian...
    Economy

    Ojulari’s Impact Highlighted as Accountability Centre Cheers NNPC’s N5.4trn Profit

    A policy advocacy group, the Centre for Energy Accountability and Reform (CEAR), has commended...

    MISSION STATEMENT
    To apply modern creative skills and techniques to provide efficient services to readers across the globe through a wide spread network of services, carefully crafted brilliant stories,features, analysis and investigations, under conducive working environment while posting delightful results to our shareholder

    VISION STATEMENT.
    To be a global media organisation of first choice for News, accurate information, public communication and enlightenment using a robust IT platform engineered by dedicated staff.

    Subscribe

    To get email updates from Today News.

    © Daily Newscraft 2022