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Naira depreciates to N1,740/$ in parallel market - VANGUARD

OCTOBER 26, 2024

By Elizabeth Adegbesan

The Naira  today depreciated to N1,740 per dollar in the parallel market from N1,739 per dollar on Thursday.

However, the Naira appreciated to N1,601.2 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

Data from FMDQ showed that the indicative exchange rate for NAFEM fell  to N1,600 per dollar from N1,601.2 per dollar on Thursday , indicating N1.2 appreciation for the naira.

The volume of dollars traded (turnover) in the official market increased by 23  percent to $284.93 million from $230.99 million traded on Thursday.

Consequently, the margin between the parallel market and NAFEM rate widened to N140 per dollar from N137.8  per dollar on Thursday.

MARKET NEWS

October 26 Naira depreciates to N1,740/$ in parallel market - VANGUARD October 26 IMF urges African oil exporters’ reforms to boost ‘subdued’ growth - REUTERS October 25 Sterling set for biggest four-week drop in a year before UK budget - REUTERS October 25 Ugandan shilling falls slightly on energy sector FX demand - REUTERS October 25 Reps urge CBN to sensitise Nigerians on mop-up of old Naira notes - NIGERIAN TRIBUNE October 25 Zimbabwe inflation surges after currency devaluation - REUTERS October 25 ICYMI: Old naira notes remain valid indefinitely – CBN - PUNCH October 25 Naira appreciates significantly against dollar as FX supply rises - DAILY POST October 25 Yen vulnerable; dollar eyes fourth straight weekly gain - REUTERS October 25 CBN strengthens diaspora ties to boost Nigeria’s remittances - BUINESSDAY October 25 IMF urges structural reforms to improve Nigeria’s growth outlook - BUSINESDAY October 25 Withdraw old naira notes before January 2025, Reps task CBN - NIGERIAN TRIBUNE October 25 Withdraw old notes, circulate new ones, Reps urges CBN - PUNCH October 25 Euro, yen climb as dollar rally takes a breather - REUTERS October 25 South African reforms could push rand higher, central bank chief says - REUTERS October 25 South African rand softer; focus on mid-term budget next week - REUTERS October 25 Thai central bank sees no need to change inflation target, no easing cycle ahead - REUTERS October 25 Naira depreciates to N1,739/$ in parallel market - VANGUARD October 25 Naira devaluation pushes FG, states debts to N134tn - PUNCH October 25 Finally, Subsidy Is Gone! NNPC Sells Petrol for N1,030/Litre in Abuja, N998 in Lagos - THISDAY October 25 Egypt economy seen growing as IMF measures run course - REUTERS October 25 Why Nigeria’s foreign reserves is rising — Edun - THE GUARDIAN October 25 Binance Executive Jailed in Nigeria Is Free and Heading Home - BLOOMBERG October 25 ECB Would Need ‘Powerful’ Data for Big Rate Cuts, Makhlouf Says - bloomberg October 25 Thai Central Banker Says Recent Rate Cut Was ‘Recalibration’ - BLOOMBERG October 25 Hungary’s Central Bank Sees More Upside Risks for Inflation - BLOOMBERG October 25 CBN policies helping Naira show signs of stability – IMF - PREMIUM TIMES October 25 Yen’s Drop to Three-Month Low Reignites Intervention Concern - BLOOMBERG October 25 India central bank to help rupee contend with soaring US yields - REUTERS October 25 Lagarde Says ECB Sees ‘Really Good Progress’ on Inflation So Far - BLOOMBERG

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