Tag: Dollar

Slip of the Naira at the I&E Window Continues on Wednesday
Economy, Finance, News, Nigeria

Slip of the Naira at the I&E Window Continues on Wednesday

In a recent development, the Nigerian Naira has witnessed a significant weakening against the United States dollar, as indicated by data released on the FMDQ securities exchange window. The Investors and Exporters (I&E) window, which serves as the official platform for forex trading, recorded a notable decline in the value of the Naira due to a substantial decrease in foreign exchange supply within the market segment. According to the data published by FMDQ, the Naira concluded Wednesday's trading at N763.17 per $1. This represents a 0.87 percent or N6.56 fall from the previous session's rate of N756.61 on Tuesday. The day started with the Naira being traded at N741.21, but it experienced a sharp decline throughout the trading session, reaching an intraday low of N815.00. This m...
Naira Gains To N710/$ At Parallel Market
Economy, Finance, News, Nigeria

Naira Gains To N710/$ At Parallel Market

The naira has recovered from its recent dip, rising at the market to N710 per dollar in Lagos on Friday. The naira has recovered from its recent dip, rising at the market to N710 per dollar in Lagos on Friday. The rate represents N115 or 13.9 percent rise compared to the N825 to a dollar it exchanged on Wednesday. According to Bureaux De Change operators, BDCs in Ikeja, Lagos, who spoke to TheCable on the issue, the buying rate of the greenback was N700 while the selling price stood at N710 per dollar, amounting to a N10 profit margin. Abubakar, a trader at the Alade Market, Ikeja said, “I have plenty of dollars in my hand but people are not buying as much as before. I have not yet sold anything today.” A currency trader at Victoria Island, simply identified as Musa, sa...
Naira Pegged at N680/$1 as Currency’s Depreciation Continues
Economy, Finance, News, Nigeria

Naira Pegged at N680/$1 as Currency’s Depreciation Continues

The Naira further devalues as it hits N680 per $1 at the parallel section of the foreign exchange market. According to the Bureaux De Change operators also known as ‘abokis’, the naira has depreciated by N15 or 2.3 percent trading at N680 per dollar in the parallel market. As of last week, the naira was devalued to N665 per dollar as the buying price and N680 per dollar as the selling price at the street market. See Also: Bakers on The Verge of a Nationwide Strike “Demand is high, and there is no dollar. If you tell a customer to sell a dollar to you for N650, he will tell you that he saw it online for N670 or N675. We also have to make our gain. We are buying and selling to make a profit,” a trader at the Ikeja market told The Cable. However, On the official marke...