Naira slips at official market segment
Naira fell slightly against the United States dollar on the spot market to trade at N464.67 per dollar on Wednesday, data published by FMDQ, where forex rates are collated and traded officially showed.
According to the data, the naira opened at N464.10 per $1 but eventually settled at N464.67 at the close of business on Wednesday.
The rate implies a 0.04 per cent decrease from N464.50 per dollar it exchanged in the previous segment on Tuesday.
Before the close of the day’s sales, the domestic currency hit an intraday high of N460.00 and a low of N467.00 before settling at N464.67 on Wednesday.
Forex supply within the market segment within the business period stood at $163.74 million, the data revealed.
Meanwhile, the naira recorded a significant gain in the unofficial market segment on Wednesday, currency dealers said.
According to currency dealers in Abuja, the dollar exchanged against the naira at N740.00 on Wednesday as against the range of N750.00 to N770.00 it was sold for last week.
The recent gain recorded in the unauthorised segment became more pronounced less than 72 hours after Nigeria’s newly sworn-in president, Bola Tinubu, during his inaugural speech on Monday, said the Central Bank must work towards a unified exchange rate.
Mr Tinubu also hinted that the country’s monetary policy needs thorough house cleaning, with a focus on the convergence of the nation’s multiple exchange rates.
READ ALSO: How MDAs diverted billions of naira under Buhari administration Senate panel
“I’ve lost money this week,” a currency dealer in Uyo told PREMIUM TIMES in an interview, adding that the president’s comment has impacted the market significantly.
Support PREMIUM TIMES’ journalism of integrity and credibility
Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.
For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.
By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.
Donate
TEXT AD: Call Willie – +2348098788999
Naira fell slightly against the United States dollar on the spot market to trade at N464.67 per dollar on Wednesday, data published by FMDQ, where forex rates are collated and traded officially showed.
According to the data, the naira opened at N464.10 per $1 but eventually settled at N464.67 at the close of business on Wednesday.
The rate implies a 0.04 per cent decrease from N464.50 per dollar it exchanged in the previous segment on Tuesday.
Before the close of the day’s sales, the domestic currency hit an intraday high of N460.00 and a low of N467.00 before settling at N464.67 on Wednesday.
Forex supply within the market segment within the business period stood at $163.74 million, the data revealed.
Meanwhile, the naira recorded a significant gain in the unofficial market segment on Wednesday, currency dealers said.
According to currency dealers in Abuja, the dollar exchanged against the naira at N740.00 on Wednesday as against the range of N750.00 to N770.00 it was sold for last week.
The recent gain recorded in the unauthorised segment became more pronounced less than 72 hours after Nigeria’s newly sworn-in president, Bola Tinubu, during his inaugural speech on Monday, said the Central Bank must work towards a unified exchange rate.
Mr Tinubu also hinted that the country’s monetary policy needs thorough house cleaning, with a focus on the convergence of the nation’s multiple exchange rates.
READ ALSO: How MDAs diverted billions of naira under Buhari administration Senate panel
“I’ve lost money this week,” a currency dealer in Uyo told PREMIUM TIMES in an interview, adding that the president’s comment has impacted the market significantly.
Support PREMIUM TIMES’ journalism of integrity and credibility
Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.
For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.
By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.
Donate
TEXT AD: Call Willie – +2348098788999
Denial of responsibility! Techno Blender is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – [email protected]. The content will be deleted within 24 hours.