Naira records new low, falls to N1,665/$ at NAFEM - NEWS FRONTIER DAILY

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    Friday, February 23, 2024

    Home Economy Naira records new low, falls to N1,665/$ at NAFEM

    Naira records new low, falls to N1,665/$ at NAFEM






    The Naira on Friday recorded a new low depreciating to N1,665.5  per dollar in the Nigerian Foreign Exchange Market (NAFEM).


    Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,665.5 per dollar from N1,571.31  per dollar on Thursday, indicating N94.19 depreciation for the naira.


    The market recorded an  intraday high of N1,805 per dollar and an intraday low of N1,301 per dollar resulting in a bearing of N504 per dollar.



    The volume of dollars traded fell by 24 percent to $699.47 million this week from $886.49 million last week .



    Similarly, on Friday, the Naira  depreciated to N1,750 per dollar in the parallel market from N1,710 per dollar.


    As a result, the gap between the official and parallel market exchange rates narrowed to N84.5  per dollar from N138.69  per dollar as at Thursday.
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    NEWSFRONTIER is a product of a dedicated and seasoned Journalist who has cut his teeth in the Media industry. The Publisher was once a teacher, and a public commentator. He was well grounded in community journalism. He had edited many Newspapers both local and international. The focus of NEWSFRONTIER is to inform, educate, entertain and above all be source of credible news source for the opinion moulders and the general public. We are assuring all our readers/audience that we are going to be objective, concise, and be guided by our conscience by looking at every information and data from all angles. Journalism is evolving daily, we will move with time, but not be swayed with tide.