Home Business Naira drops to ₦1,602.02/$1 in NFEM amid forex volatility
Business

Naira drops to ₦1,602.02/$1 in NFEM amid forex volatility

Share
Share


From Adanna Nnamani, Abuja

The naira weakened further, Wednesday, closing at ₦1,602.02 per dollar in the official Nigerian Foreign Exchange Market (NFEM), according to the Central Bank of Nigeria (CBN).

This marks a decline from Monday’s rate of N1,596 per dollar, driven by ongoing currency volatility and a shortage of dollar inflows.

Intraday trading saw the naira hit a high of ₦1,602.02 and a low of ₦1,596.7, with a simple average exchange rate of ₦1,600.04 for the day.

Compared to Friday’s rate of approximately ₦1,600 per dollar, the naira’s depreciation underscores mounting pressures on Nigeria’s currency amid rising speculative demand and insufficient dollar supply in both official and parallel markets.

In the parallel (black) market, Abuja’s Zone 4 traders reported the dollar selling at ₦1,610 on Tuesday, up from ₦1,605 on Monday.

“This widening disparity between the official and unofficial markets raises further concerns about market discrepancies and speculative trading practices,” a CBN source noted, noting challenges to Nigeria’s economic stability.



Source link

Share

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Articles

Jonathan on Niger Delta Underdevelopment: Personal Interests

Former President Goodluck Jonathan has blamed the underdevelopment of the Niger Delta...

NLC to meet on ASUU strike as ultimatum expires

The Nigeria Labour Congress has said its organs will meet and decide...

The Rise of Unruly Defendants in Nigerian Courtrooms

On a humid Thursday morning in Abuja, the atmosphere inside the Federal...

Ex-envoy urges Tinubu to tackle insecurity in Nigeria

A former Nigerian Ambassador to the Philippines, Yemi Farounbi, has urged President...