Naira hits record low at official market

The Naira plummeted to its lowest rate against the United States dollar at the official market on Tuesday, market data published on the FMDQ website showed.
The local currency closed at N848.12 per dollar on Tuesday, as against N778.80 recorded in the previous session on Monday. Tuesday’s rate translates to 8.9 per cent depreciation from N778.80 it exchanged on Monday.
According to the data, the naira opened at N758.50 but slipped to N848.12 at the close of business on Tuesday as foreign exchange supply within the market segment skyrocketed significantly.
Forex supplied within the session on Tuesday is pegged at $134.8 million, which represents about a 212 per cent increase from $43.09 million posted on Monday.
Within the business period on Tuesday, the naira reached an intraday high of N700.00 and spiralled to a low of N981.00 before settling at N848.12 per $1.
Similarly, the local unit extended losses at the parallel market on Tuesday. According to data published by AbokiFX, a website that collates unofficial market rates in Lagos, the naira was exchanged at N1,050 to a dollar on Tuesday as against N1,040 recorded in the previous session.
At the parallel market segment, the naira was sold at N1,060 per $1 amidst a shortfall in dollar circulation and increased demand.
The spread between the official and unofficial markets is pegged at N201.88, leaving the market margin at 24 per cent on Tuesday.
Similarly, the local unit extended losses at the parallel market on Tuesday. According to data published by AbokiFX, a website that collates unofficial market rates in Lagos, the naira was exchanged at N1,050 to a dollar on Tuesday as against N1,040 recorded in the previous session.
At the parallel market segment, the naira was sold at N1,060 per $1 amidst a shortfall in dollar circulation and increased demand.
The spread between the official and unofficial markets is pegged at N201.88, leaving the market margin at 24 per cent on Tuesday.

Comments

Steer Clear from Tompolo's Pipeline Surveillance Job, Face Your Olu's Contract... Activist Warn Itsekiri Leaders

Steer Clear from Tompolo's Pipeline Surveillance Job, Face Your Olu's Contract... Activist Warn Itsekiri Leaders Niger Delta Human Rights Activist, comrade Daniel Ezekiel has berated ltsekiri leaders for calling on the Federal Government to decentralize the pipeline security contract awarded to the Niger Delta living legend, High Chief Government Ekpemukpolo alias Tompolo. The activist in a statement to FocalPoint Reports, on Thursday, reacted with displeasure and strongly condemned Itsekiri leaders Who were led by Hon. Michael Diden to call for the decentralization of Tompolo's Surveillance contract, during a visit to High Chief Bibopere Ajube (Shoot-at-sight) at his Agadagba-Obon, residence in Ese-Odo Local Government Area of Ondo State, Ezekiel Daniel described those who visited Bibopere Ajube as self-proclaimed Itsekiri leaders and their voices are nothing good but mere distractions and should not be taken seriously. He added that the statements m...

NMU Governing Council chairman seeks solutions to challenges facing varsity

NMU Governing Council chairman seeks solutions to challenges facing varsity The Acting Chairman of the Governing Council of the Nigerian Maritime University, Okerenkoko, Delta State, Adewale Adeogun, has appealed for immediate action to address the pressing challenges facing the institution. Adeogun, who spoke during the council meeting in Warri, expressed deep concern over the university’s underdevelopment despite its six-year existence. Highlighting the urgent need for government intervention, Adeogun emphasised the importance of establishing a permanent campus and ensuring adequate funding. He pointed out that the university’s progress has been hindered by the suspension of projects initiated by the Nigerian Maritime Administration and Safety Agency (NIMASA). “It is disheartening to see that despite being a specialised university, Nigerian Maritime University is still struggling to find its footing,” Adeogun stated. “We must work tirelessly to secure gov...

Retired police officers protest over unpaid pensions

Some retired police officers under the contributory pension scheme on Tuesday, May 21, protested at the National Assembly over alleged several months of unpaid pensions with a call on President Bola Tinubu to remove them from the scheme. The protesters decried the extreme challenges they endure, saying that the National Pension Commission (PENCOM) has failed to pay their entitlements for several months causing them and their families untold hardship. The aggrieved retired police officers also wrote a Save Our Soul (SOS) letter to the President of the Senate, Godswill Akpabio, calling for an urgent intervention. Speaking on behalf of the protesters, Chairman of the retirees, Christopher Effiong said many of their members have developed terminal illnesses and heart attacks as a result of the frustration associated with the scheme. In a letter dated May 21 and addressed to Senate President Godswill Akpabio, the retirees said many of their colleagues have lost their lives due to t...

FocalPoint Reports

Search This Blog