HomeNewsNaira Slumps To N1,309, Loses N237 To Dollar Since April 17

Naira Slumps To N1,309, Loses N237 To Dollar Since April 17

The Naira has again slumped against the US dollar at the foreign exchange, quoting N1,309.88 per Dollar on Thursday from N1,308.52 on Wednesday.

One Nigerian Naira now equals 0.00073 United States Dollar (N1/$0.00073).

Nigeria’s currency has lost N237.14 since April 17, 2024, when it traded at its best rate of N1,072.74 per Dollar at the FX market.

FMDQ data showed that the Naira recorded a seventh drop against the Dollar, quoting N1,309.88 per Dollar on Thursday from N1,308.52 on Wednesday.

This represents a N1.36 loss on a day-to-day basis.

At the parallel market section, the Naira dropped between N1,300 and N1,370 on Thursday from between N1,250 and 1,300 the previous day.

In the last four days, Naira has recorded depreciation against the Dollar in the FX market.

Last week, the Naira dropped three times against the Dollar in the foreign exchange market.

The development comes despite the Central Bank of Nigeria releasing 10,000 dollars each to BDC at N1,021 to a dollar with a caveat to sell at most 1.5 per cent above the bought price.

This is the third recent intervention for BDCs amid the bank’s effort to defend the Naira.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

AD

Must Read

spot_img