News
Naira Weakens Further To N1,490.20/$1 On Official Market
The naira depreciated further on the official market yesterday, closing at N1,490.20/$1 compared to N1,485.53/per dollar, on Friday, data from FMDQ shows.
According to forex traders, the local currency also weakened on the parallel market yesterday, dropping to N1,495 per dollar compared toN1,490/$1 last Friday.
Analysts noted that the naira has in recent weeks stabilised at slightly below N1,500 per dollar in the foreign exchange markets, occasioned by Central Bank of Nigeria (CBN) interventions.
Indeed, in its latest economic outlook released yesterday, professional services firm, PricewaterhouseCoopers (PwC Nigeria) Nigeria stated: “ Interventions by CBN may cause the naira to stabilise in the long-term.
However, these interventions may become subdued in the absence of improved capital flows and export proceeds to the foreign reserves.”
-
News4 days ago2027: Why Aremo Stands As Most Compelling Choice To Represent Osogbo Federal Constituency, By Alimi Sodiq Olatunde
-
News4 days agoHarvard University-trained Public Health Professional, Olugbile Declares For Odo-Otin/Ifelodun/Boripe Federal Constituency Seat
-
News2 days agoBirthday: Your Exceptional Leadership Style Marked By Wisdom, Humility- Media Movement Team Celebrates Rep Aspirant, Aremo
-
News5 days agoOAU Part IV Medical Student Dies During Clinical Examination