Naira Falls Sharply Against Dollar After Holiday, Black Market Sees Small Gain; See value against dollars
Naira Falls Sharply Against Dollar After Holiday, Black Market Sees Small Gain; See value against dollars
Naira and Dollar
The naira significantly weakened against the dollar when trading resumed after the Eid-Ul-Mawlid holiday. According to FMDQ data, the naira fell to N1,656.56 per dollar on Tuesday, down from N1,546.41 last Friday, marking a drop of N110.15.
In contrast, on the black market, the naira improved slightly, strengthening by N5 to close at N1,660 per dollar, compared to N1,665 the previous week.
This shift occurred as foreign currency transactions totaled $100.39 million on Tuesday. Despite recent interventions by the Central Bank of Nigeria, the naira has been fluctuating against the dollar. Additionally, the National Bureau of Statistics reported that Nigeria’s inflation rate decreased to 32.15% in August, marking the second consecutive month of easing inflation.
TRENDING SONGS
Turaki Moves to Quash Arrest Order Amid PDP Faction Tensions
Oyo Orders Traders, Drivers to Relocate to Iwo Road Bus Terminal to Ease Traffic
ICPC Tracks Over N21tn in Works Ministry Projects to Strengthen Accountability
CBN Clamps Down on Loan Defaulters, Bars Chronic Borrowers from Banking Services
Senegal to Flaunt AFCON Trophy Despite CAF Ruling, Legal Battle Looms
Over 8,000 Delegates Set for APC Convention as Party Stands Firm on Zoning Formula
Joke Silva Heads Jury as AMVCAs Return for 12th Edition with New Categories
Court Clears Ex-Aviation Minister Stella Oduah in N2.5bn Fraud Case
CBN Scraps Cash Pool Rule for Oil Firms, Signals Fresh FX Market Flexibility
EFCC Seizes Malami’s Abuja Home Amid Ongoing Legal Battle
Share this post with your friends on 
