Northern Nigerian Breaking News

Naira depreciates to N1, 534/$ at official market

The Nigerian currency, Naira, on Monday, fell to N1,534/$1, a record low at the country’s official foreign exchange (FX) window Nigerian Autonomous Foreign Exchange Market (NAFEM).

The FMDQ Exchange, a platform that oversees FX trading in Nigeria, said It depreciated by 4.38 percent from N1,469.97/$1 recorded on February 9.

Also, at the parallel section of the FX market, the naira depreciated to N1,505/$ — a 0.33 percent decline from N1,500/$ reported on February 7, 2024.

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Currency traders at the street market quoted the buying price of the greenback at N1,450 and the selling price at N1,500.

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With the current rate, the value of the naira at the official market again surpassed the parallel market rate by N29.

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