Connect with us


Naira weakens further, now N505/$1



The Naira on Tuesday weakened further against the dollar at the parallel market.

Data from aboki FX showed the currency exchanged at N505 for a dollar as against N502 it traded on Friday.

Also the naira value dropped against the Pounds Sterling and Euro, to N716 and N608 to each of them, from N715 and N607 respectively.

The fall in Naira also occurred against the US dollar at the Investors and Exporters window on Tuesday.

Read also: Another day, another loss for Naira against U.S. dollar

Data posted on FMDQ website shows the exchange rate between naira and the US dollar closed at N411.75/$1.

This represents a 95kobo decline compared to N410.8/$1 recorded on Friday, last week.

On Tuesday, however, FOREX turnover surged by 85.6 percent to $172.24 million.

Meanwhile, data from the Central Bank of Nigeria shows Nigeria’s foreign reserves have plunged to $33.96 billion.

The last time foreign exchange reserves were lower than they are now was on May 4, 2020, at $33.89 billion.

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.

Donate Now