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

    Politics

    Diri’s sterling performance in APC is a trait from PDP says PDP lawmaker, Agbedi 

    Rep. Fred Agbedi, representing Sagbama/Ekeremor Federal Constituency in the House of Representatives has said...
    News

    George-Kelly congratulates Chinda, backs Wike’s Rainbow Coalition, Tinubu’s reelection

      A former governorship aspirant of the All Progressives Congress (APC) in Rivers State, George-Kelly...
    News

    NACAT Condemns Clearance of Politicians Under Corruption Probe for 2027 Elections, Demands Integrity Reform

        From Yakubu Wuyep,Jos     The Network Against Corruption and Trafficking (NACAT) has said that it is...
    News

    GOV FUBARA, OTHERS WITHDREW FROM APC GOVERNORSHIP PRIMARIES TO PAVE WAY FOR WIKE’S KINSMAN

      FROM CLARICE AZUATALAM, PORT HARCOURT.    The mood in Rivers State on Thursday, May 21, 2026,...

    More like this

    Politics

    Diri’s sterling performance in APC is a trait from PDP says PDP lawmaker, Agbedi 

    Rep. Fred Agbedi, representing Sagbama/Ekeremor Federal Constituency in the House of Representatives has said...
    News

    George-Kelly congratulates Chinda, backs Wike’s Rainbow Coalition, Tinubu’s reelection

      A former governorship aspirant of the All Progressives Congress (APC) in Rivers State, George-Kelly...
    News

    NACAT Condemns Clearance of Politicians Under Corruption Probe for 2027 Elections, Demands Integrity Reform

        From Yakubu Wuyep,Jos     The Network Against Corruption and Trafficking (NACAT) has said that it is...

    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