Market News

Naira weakens to all-time low of N960 - BUSINESSDAY

SEPTEMBER 18, 2023

BY Hope Moses-Ashike

Naira on Monday weakened to an all-time low of N960 following strong demand for dollars at the parallel market, also known as the black market.

This represents 0.52 per cent loss over N955 per dollar traded on Friday.

The naira depreciation continued even after President Bola Tinubu appointed Olayemi Michael Cardoso as the new Governor of the Central Bank of Nigeria (CBN) on Friday.

At the Investors’ and Exporters’ (I&E) forex window, Nigeria’s official FX market, the naira strengthened by 2.96 percent as the dollar was quoted at N756.91 on Friday compared to N780.00 on Thursday, slightly weaker than N758.12 on Wednesday and N742.10/$1 mentioned on Tuesday, data from the FMDQ indicated.

The dairy foreign exchange (FX) market turnover declined by 34.21 per cent to $45.88 million on Friday from $69.74 million recorded on Thursday.

A stable exchange rate, inflation rate and single-digit interest rate are being highlighted as the topmost priority for Cardoso,


This website uses cookies We use cookies to personalise content and ads, to provide social media features and to analyse our traffic. We also share information about your use of our site with our social media, advertising and analytics partners who may combine it with other information that you've provided to them or that they've collected from your use of their services
Real Time Analytics