Business
Naira starts week at N545/$
The Naira began the week at N545 per dollar at the black market, a 3.1 percent depreciation from last Monday’s opening rate.
The naira had opened last week at N528 but by the end of the week was trading at N545 per dollar.
According to data obtained from Abokifx, the Naira closing rate on Friday last week was a N5.00 or 0.93 percent lower than N540/$ it had closed on Thursday.
Similar to dollars, Naira will also have to put a strong fight against British Pound Sterling and Euro this week as it weakened by the end of Friday’s trading at the parallel market.
This means Naira will be opening the week against pounds sterling at N743/£1. This is N3 loss when compared to the rate of N740/£1 it closed on Thursday.
Also, the local currency against Euro will open the new trading week at N636/€1 and this represents a N4 devaluation from Thursday rate of N632/€1.
Read also: Naira continues free fall
At the official Nafex window data from FMDQ securities shows on Friday, Naira lost further to the U.S dollars.
This occurred as foreign exchange supply sharply decreased during trading.
According to FMDQ data where forex is officially traded, Naira closed at N412.00 per $1.
This translates to a N0.33 or 0.08 percent devaluation from the N411.67 it exchanged in the previous session on Thursday.
While the foreign exchange turnover decreased by 22.92 per cent with $88.39 million recorded at the market session against the $114.68 million posted in the previous session on Thursday.
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
INVESTIGATION: In Kwara, multimillion-naira milk processing plant is abandoned, converted to a chicken outlet
After the government spent millions of naira to establish a milk processing plant in Kwara State that would provided jobs...
SPECIAL REPORT: For Sokoto communities, promise of healthcare is akin to death sentence
In this story, ABDULRASHEED HAMMAD delves into the dire realities of Primary Health Care services in Sokoto State, shedding light...
ICYMI…SPECIAL REPORT: NNPCL hides behind PIA to frustrate disclosure, accountability
Nigeria’s major oil company, Nigerian National Petroleum Corporation Limited (NNPCL), in what appears to be a common practice of disregard...
INVESTIGATION: Multi-million naira Ekiti resort center remains uncompleted a decade after
The multimillion-naira project, expected to comprise recreational buildings, now consists of cassava farmland, a bush used for excretion, and a...
SPECIAL REPORT: Torturous experiences of students with disabilities in Oyo tertiary institutions
For students with disabilities in Oyo state-owned tertiary institutions, learning is a torturous and distressing experience, considering the building structures...