NAIRA DEPRECIATES BY 0.7 PERCENT AT PARALLEL MARKET

 




By Esther Onuigbo

Against the dollar at the parallel and official section of foriegn exchange market, Naira has depreciated 0.7 percent.

Speaking with newsmen on Monday afternoon in Lagos State, Bureaux De Change Operators (BDCs), said Naira is at (#745) to one Dollar ($1) at street market.

This indicates that there is a depreciation of #5 from the #740 it traded over a week ago.

Presently, on the street, by the street traders, the buying price of dollar is put at #735 while the selling price is at #745, leaving a #10 profit margin.

According to a BDC trader in Victoria Island in Lagos State, people are not in rush to buy Dollar at the moment  and so, the demand is fair.

Meanwhile, at the official market on Friday, the local currency fell by 0.11percent to close at #446.50/$.
According to details on FMDQ OTC securities,exchange- a platform that oversees official foreign exchange  trading in Nigeria.

The Central Bank of Nigeria, (CBN), has continued to intervene in official market to maintain the stability of the local  currency.

Analysis of the CBN's economic reports shows that the apex bank's intervention in forex market stood at $12.74 billion  in the first eight months of 2022.

The intervention declined by  13.6 percent from$14.7 billion when compared with the same period in 2021.

Comments

Post a Comment

Popular posts from this blog

JUST IN:C’River Commissioner kidnapped, Shoes Found In Creek

Image
  By Our Reporter  Cross River State Commissioner for Women  Mrs Gertrude Njar has been reportedly kidnapped on Wednesday at about 9:30 am  According to report, Njar was carried away at Mbukpa axis of Calabar South LGA. Kukuruku News gathered that her shoes were found in the Creek of Calabar South by the security operatives. Meanwhile, Mr. Kenneth Abang has been abducted alongside his family on Monday . Mr Kenneth Abang He was kidnapped while traveling to attend his father’s burial planning meeting in Boki LGA of Cross River State Nigeria, South south region. According to report reaching kukuruku News, Kenneth Abang, who was kidnapped around Biase- Calabar Highway with Eunice, are expected to have their father buried on the 3rd and 4th February 2022 at Okundi community.
Read more

'DON'T DEPLOY SECURITY ASSETS TO MONITOR GOSSIPS -HURIWA TO BUHARI

Image
  By Kunle Awoniyi Human Right Writers Association of Nigeria ,HURIWA  has called on President Buhari to desist from deploying security assets to monitor grape vine gossips. This is coming on the heels of the action of  the wife of the president on the detention of an undergraduate of the Federal University,Dutse,Jigawa,Aminu Adamu as abuse of power and absolutely unconstitutional. The right's group has decried the arrest and demanded the immediate and unconditional release from arbitrary arrest and unlawful detention of Aminu Adamu who was arrested on the orders of the wife of President mohammadu Buhari. HURIWA is of the opinion that the reason why insecurity has become overwhelming to much so that the security forces are finding it difficult to defeat terrorists is as a result of the present government penchant to consistently deploy security assets and manpower to monitor social media gossips and eavesdrop on telephone communications of NIGERIANS. HURIWA recalled that ...
Read more

2023: El-Rufai Accuses Cabals In Aso Rock Of Working Against Tinubu, APC

Image
  By Our Reporter  The Kaduna state Governor Nasir El-Rufai has accused some top government functionaries in Aso Rock of working against Asiwaju Bola Tinubu, presidential candidate of the All Progressive Congress, (APC). Although he did not disclose the names of those involved, El-Rufai said that those working against Tinubu were aggrieved that Tinubu defeated their candidate in the APC presidential primaries, and that these elements were hiding behind President Muhammadu Buhari’s desire to do what he thought was right. El-Rufai made the revelation while speaking on Channels TV's programme on Wednesday. Recall that barely a week after Tinubu said during his presidential campaign rally in Ogun State that there were plans to frustrate his presidential ambition and stop him from winning the election, alleging that the rising fuel scarcity and the naira redesign by the Buhari government were targeted at him. “I believe there are elements in the Villa that want us to lose the elect...
Read more