₦airaland Forum

The naira depreciated to N1,700 per dollar at the parallel section of the foreign exchange (FX) market on Friday.

At the end of trading hours, the naira depreciated by 1.49 percent compared to the N1,675/$ traded on Thursday.

The N1,700 per dollar is the lowest the naira has depreciated since February 19, when the naira recorded a low of N1,730/$.

Currency traders, also known as street traders, in Lagos, quoted the buying rate of the local currency at N1,680/$ and the selling rate at N1,700/$ — leaving a profit margin of N20.

At the official window, the local currency appreciated by 2.24 percent from N1,576.1/$ on Thursday to trade at N1,540.78 on Friday.

According to FMDQ Exchange, a platform that oversees the official window, a dollar was sold as high as N1,691 and at a low rate of N1,530. during trading hours.

WEEK-LONG FLUCTUATIONS

At the parallel market on Monday, the naira depreciated to N1,665/$ from N1,663 on September 20.

Maintaining the depreciation streak, the local currency fell further to N1,670 and N1,680 on Tuesday and Wednesday, respectively.

However, the naira rebounded to N1,675 on Thursday.

At the official FX market, the local currency depreciated to N1,562.66 on Monday — from N1,541.52 on September 20.

Subsequently, the naira further depreciated to N1,658.48 on Tuesday and N1,667.72 on Wednesday, before appreciating to N1,576.1 on Thursday.

On January 29, the Central Bank of Nigeria (CBN) said it had begun implementing a comprehensive plan to improve liquidity in the Nigerian FX markets in the short, medium, and long term.

The apex bank said the FX reforms were designed to streamline and harmonise multiple exchange rates, promote transparency, and lessen the likelihood of arbitrage opportunities.

On September 25, Olayemi Cardoso, governor of CBN, said the multiple interest rate hikes have restored confidence in the naira.

Lindlady:
Tinubu has destroyed Nigeria beyond redemption.

helinues:
Same way you have destroyed this forum with daily senseless trolling monikers

Should you be opening your mouth to be talking about something you mastered

Rabbish

richmond500:
smh.
I am a supporter of Tinubu govt but I am not blind like u bruh.

Tinubu policies is anti people, none of his policies has yeilded any positive result.

Inflation, currency depreciation, loss of Jobs, insecurity, political instability, companies shutting down. All these are not something we want to see. Tell urself the truth abeg

richmond500:
smh.
I am a supporter of Tinubu govt but I am not blind like u bruh.

Tinubu policies is anti people, none of his policies has yeilded any positive result.

Inflation, currency depreciation, loss of Jobs, insecurity, political instability, companies shutting down. All these are not something we want to see. Tell urself the truth abeg

BeeBeeOoh:
Good old days before calamity befell Nigeria and Nigerians in 2015 and calamity extraordinaire came on board in 2023.

helinues:
Where did I mention you? Na so your confusion don reach?

BrodaBenad:
I no know say you get sense o

Thank God o

richmond500:
Oh sorry.
Knowing that u are jobless and always on nairaland 24/7, I felt I should just mention u. Since I am not sure other people may reply me cos I don't know if they work on Saturday.

But as for u, e sure me die say even Monday morning, u go reply person.

helinues:
Same way you have destroyed this forum with daily senseless trolling monikers

Should you be opening your mouth to be talking about something you mastered

Rabbish

richmond500:
I think say Dangote fuel go ease the pressure on naira?
E be like na now the naira deh feel the most pressure

helinues:
Wow, so productive you have been monitoring how active I have been on this forum

That's 3daful oo

richmond500:
I know say u go reply, na sure odd.

Person no suppose monitor u sha, na rare occurrence we deh monitor.

U be like germs, e deh everywhere, no need to monitor am

helinues:
Why I no go reply bullying? I made my comments talking about someone's activities but you jumped on it like Puma telling me bullshit.

Bring your head make I knack you something.

No time for Iranu