Naira loses 6% against dollar at official market
The naira, on Monday, slightly depreciated at the official market, trading at N1,234.49 to the dollar.
Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), revealed that the naira lost N64.50.
This represents a 5.51 per cent loss when compared to the previous trading date on Friday, April 19, when it exchanged at N1,169.99 to a dollar.
However, the total daily turnover increased to 110.17 million dollars on Monday, up from 86.68 million dollars recorded on Friday.
Meanwhile, at the Investor’s and Exporter’s (I&E) window, the naira traded between N1,295.00 and N1,051.00 against the dollar.
CBN governor, Yemi Cardoso, on Saturday, April 20, 2024 said the apex bank was doing everything possible to achieve a stable exchange rate.
He said the apex bank was also working to ensure that the exchange rate found its adequate price discovery level.
Mr said that CBN’s foreign exchange reforms were paying off and had made the naira the best-performing currency globally.
He spoke at a press conference during the annual meeting of the International Monetary Fund (IMF) and World Bank Group.
He predicted ups and downs but assured the global economic community that the naira would steadily gain against foreign currencies.
(NAN)
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
Economy
FG suspends controversial review of WAEC, NECO registration fees amid backlash
The government claimed the proposed review was informed by prevailing economic realities and the rising cost of conducting credible national examinations.
Hot news Home top
27 people killed in beer parlour fire
At least 27 people have been killed and 63 hospitalised as a blaze gutted a pub in Bangkok’s Chatuchak district in Thailand.
Sport
Union lauds NFF for beach soccer board appointment
The West African Beach Soccer Union has commended the Nigeria Football Federation for appointing an interim board to organise the beach soccer and Futsal leagues in Nigeria.
Economy
China assures full implementation of China-Africa cooperation
Shuai Guipeng, the deputy director of the FOCAC Office at China’s foreign affairs ministry, gave the assurance on Monday in an interview in Beijing.
Education
Stakeholders seek stronger support for inclusive maths education
Stakeholders have called for sustained investment in teacher training and accessible learning resources to improve mathematics education.
Lagos
Latest Lagos Flooding: Ibeju-Lekki LG chairman tours affected areas, promises intervention
The tour assessed the extent of the damage following devastating flooding caused by persistent rainfall, which rendered residents homeless and destroyed valuable possessions.
