Oddbean

Naira nears N1,500 in all markets as banks, others sell dollars at new rates ========== The naira depreciated in the parallel and official markets on Thursday, May 9, 2024. The Nigerian currency closed at N1,459 per dollar in the official market, losing N38.67 to the dollar. In the parallel market, the naira traded at N1,455 per dollar, recording a marginal increase from the previous rate of N1,450. The foreign exchange market recorded a 48.77% decline in turnover at $84.38 million on Thursday, May 9, 2024, compared to the $164.74 million recorded on Wednesday, May 8, 2024. Nigeria's foreign exchange reserves increased by about $262 million in 19 days, closing at $32.369 billion as of May 7, 2024. The decline in reserves led to speculation that the Central Bank of Nigeria (CBN) was defending the naira with reserves, but the CBN denied these reports. The naira has been on a three-week decline and has consistently depreciated against the US dollar and other major currencies. On Wednesday, May 8, 2024, the naira closed weaker at N1,421 per dollar in the official market, representing a 1.27% decline from the previous day's rate of N1,403 per dollar. #Naira #ForeignExchange #CurrencyMarket #CentralBankOfNigeria #Economy https://www.legit.ng/business-economy/economy/1591715-access-zenith-uba-currency-dealers-sell-dollar-rate-naira-nears-week-low/