Breaking News

BREAKING: Naira trades at record low, falls to N1,415/$ at parallel market

The local currency traded at N1,415 on Thursday — a 3.66 percent decline from N1,365 traded on Tuesday.

Currency traders, also known as Bureau de Change (BDC) operators, put the buying rate of the greenback at N1,400 and the selling price at N1,1415 — leaving a profit margin of N15.

PAY ATTENTION:  JUST IN: As Full list of motor parks Nigerians can get 50% transport fare for return trips

“The issue we are facing is as a result of supply/demand imbalance,” a trader who simply identified as Aliyu said.

Meanwhile, at the official section of the foreign exchange (FX) market, the local currency depreciated by 0.41 percent to N882.24 on Wednesday — from N878.61 on Tuesday.

PAY ATTENTION:  BREAKING: Villagers flee as suspected herdsmen attack Benue communities, kill two and raze over 17 houses

FMDQ Exchange, a platform that oversees official FX trading in Nigeria, said the naira recorded a high of N1,313 and a low of N700.

The development comes after Olayemi Cardoso, governor of the Central Bank of (CBN), said the naira is currently undervalued.

“We believe that the naira is currently undervalued,” Cardoso said.

PAY ATTENTION:  BREAKING: Call For Nnamdi Kanu’s release, Let’s Give Peace a Chance

He said combined with coordinated measures on the fiscal side, the apex bank will accelerate genuine price discovery in the near term.

Cardoso said CBN has reverted to the conventional monetary policy approach with a focus on achieving price stability, which fosters sustainable economic growth.

Related posts

EXCLUSIVE: TB Joshua’s synagogue breaks silence on BBC documentary

RecentGist

Iyalode Of Yorubaland, Alaba Lawson To Be Buried December 8

RecentGist

The health benefits of sex toys

RecentGist

JUST IN: Jega Emerges Nasarawa Varsity Pro-Chancellor

RecentGist

My wife gave me a shocker of 2023 after I discovered this on her phone-Man reveals

RecentGist

Federal Govt Establishes Platform For Nigeria/Niger Border States

RecentGist

BREAKING: N525million Fraud: Court of Appeal Upholds Conviction of Notorious Internet Fraudster, Scales Olatunji

RecentGist

Tinubu, Atiku Send Messages To Soludo Over Father’s Death

RecentGist

Multiple Crashes Leave Exotic Cars Damaged in Lagos as Owners Escape

RecentGist