By Ogaga Ariemu The naira depreciated against the dollar on the foreign exchange market upon resumption of work after the Eid-Ul-Maw...
By Ogaga Ariemu
The naira depreciated against the dollar on the foreign
exchange market upon resumption of work after the Eid-Ul-Mawlid holiday on
Monday.
FMDQ data showed that the naira fell to N1656.56 per dollar
on Tuesday from N1,546.41 on last Friday.
This represents N110.15 depreciation against the dollar
compared to the N1,546.41 exchanged last Friday.
Meanwhile, on the black market, the naira gained N5 to close
at N1660 per dollar on Tuesday from N1,665 exchanged last week.
The development comes as foreign currency transaction
turnover closed at $100.39 million on Tuesday.
DAILY POST reports that in the last weeks, the naira had
continued to fluctuate against the dollar in the foreign exchange market
despite the Central Bank of Nigeria’s intervention.
On Monday, the National Bureau of Statistics’ August
inflation figure showed that Nigeria’s inflation eased for the second
consecutive time to 32.15 per cent.
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