MARKET NEWS
Naira Plunges To N1,621.12/$1 On Official Market - NEW TELEGRAPH
The naira, on Tuesday, weakened to its lowest level against the dollar on the official market since March, as it closed at N1, 621.12/$1 compared to N1,611.40 per dollar on Monday, data from FMDQ shows.
The local currency also fell against the greenback on the parallel market dropping to N1,610/$1 compared to N1,590 per dollar on Friday.
Analysts note that surging demand for forex, occasioned by summer travels, is adding pressure on the naira despite the Central Bank of Nigeria’s (CBN) significant interventions in the forex market in recent weeks.
The naira, on Tuesday, weakened to its lowest level against the dollar on the official market since March, as it closed at N1, 621.12/$1 compared to N1,611.40 per dollar on Monday, data from FMDQ shows.
The local currency also fell against the greenback on the parallel market dropping to N1,610/$1 compared to N1,590 per dollar on Friday.
Analysts note that surging demand for forex, occasioned by summer travels, is adding pressure on the naira despite the Central Bank of Nigeria’s (CBN) significant interventions in the forex market in recent weeks.
The naira, on Tuesday, weakened to its lowest level against the dollar on the official market since March, as it closed at N1, 621.12/$1 compared to N1,611.40 per dollar on Monday, data from FMDQ shows.
The local currency also fell against the greenback on the parallel market dropping to N1,610/$1 compared to N1,590 per dollar on Friday.
Analysts note that surging demand for forex, occasioned by summer travels, is adding pressure on the naira despite the Central Bank of Nigeria’s (CBN) significant interventions in the forex market in recent weeks.
On Friday, the CBN announced that it sold foreign currencies worth $148 million in the Nigerian foreign exchange market (NFEM) to 29 authorised dealers on July 22 and 23.
A statement issued by the apex bank said: “The Central Bank of Nigeria (CBN) sold a cumulative sum of $148 million in the Nigerian Foreign exchange Market (NFEM) to Authorized Dealers on July 22 and 23, 2024.
“The sale of foreign exchange (Fx) was to 29 authorised dealer banks at an exchange rate of 1470.00/$11510.00/$1.”
