• News
  • Business
  • National
  • Politics
  • Opinion
  • Tech
  • Gist & Jabs
  • Lifestyle
  • Entertainment
  • Health
  • Travel
Thursday, October 5, 2023
The Gist Day
No Result
View All Result
  • Login
  • News
    • All
    • National
    FG Set To Establish National Diphtheria Lab As Cases Hit 13,204

    FG Set To Establish National Diphtheria Lab As Cases Hit 13,204

    Tinubu graduated from CSU but I still support Atiku – Reno Omokri

    Tinubu graduated from CSU but I still support Atiku – Reno Omokri

    President Tinubu Appoints Spokesperson, Chief of Protocol, Media Special Assistant

    Tinubu Sends Three More Ministerial Nominees To Senate For Screening

    US Judge adjourns Chicago University records case till Monday following Tinubu’s appeal

    Tinubu’s Academic Credentials Released By Chicago State University, Confirms He Graduated In 1979

    Ooni Begs Nigerians To Be Patient With Tinubu’s Government

    Ooni Begs Nigerians To Be Patient With Tinubu’s Government

    Stop Saying “May Nigeria Not Happen To Me” – Fashola Urge Nigerians

    Stop Saying “May Nigeria Not Happen To Me” – Fashola Urge Nigerians

    Trending Tags

    • Commentary
    • Featured
    • Event
    • Editorial
  • Business
  • National
  • Politics
  • Opinion
  • Tech
  • Gist & Jabs
  • Lifestyle
  • Entertainment
  • Health
  • Travel
  • News
    • All
    • National
    FG Set To Establish National Diphtheria Lab As Cases Hit 13,204

    FG Set To Establish National Diphtheria Lab As Cases Hit 13,204

    Tinubu graduated from CSU but I still support Atiku – Reno Omokri

    Tinubu graduated from CSU but I still support Atiku – Reno Omokri

    President Tinubu Appoints Spokesperson, Chief of Protocol, Media Special Assistant

    Tinubu Sends Three More Ministerial Nominees To Senate For Screening

    US Judge adjourns Chicago University records case till Monday following Tinubu’s appeal

    Tinubu’s Academic Credentials Released By Chicago State University, Confirms He Graduated In 1979

    Ooni Begs Nigerians To Be Patient With Tinubu’s Government

    Ooni Begs Nigerians To Be Patient With Tinubu’s Government

    Stop Saying “May Nigeria Not Happen To Me” – Fashola Urge Nigerians

    Stop Saying “May Nigeria Not Happen To Me” – Fashola Urge Nigerians

    Trending Tags

    • Commentary
    • Featured
    • Event
    • Editorial
  • Business
  • National
  • Politics
  • Opinion
  • Tech
  • Gist & Jabs
  • Lifestyle
  • Entertainment
  • Health
  • Travel
No Result
View All Result
Morning News
No Result
View All Result
Home Business

Naira Further Depreciates Against The Dollar

Emmanuel Onminyi by Emmanuel Onminyi
March 20, 2020
in Business, National, News
0
Naira Depreciates Against Dollars
0
SHARES
208
VIEWS
Share on FacebookShare on Twitter

The dollar closed at N380 after trading on Friday in some parts of Lagos black market. This represents N3 loss compare to N375 traded in the morning of the same day.

READ ALSO

FG Set To Establish National Diphtheria Lab As Cases Hit 13,204

Tinubu graduated from CSU but I still support Atiku – Reno Omokri

READ ALSO: More Trouble For Nigeria As Naira Depreciates

The depreciation in value of the naira was attributed to increased demand for dollar by end-users occasioned by speculation that the Chinese have resumed business and importers of finished goods are buying dollars to meet their needs.

A black market operators said: “Since we heard that the Chinese have resumed, dollar started to go up.”

However, in some area like Apapa, Lagos, the dollar closed stable at N377.

The Central Bank of Nigeria, CBN, in its foreign exchange management policy, had restricted access to forex on some 43 food and non-food items that can be produced in the country.

At the Investors and Exporters, I&E, forex window, the dollar was quoted at N372, losing N1.65kobo from N370.35/$ traded the previous day, data from FMDQ show.

On Thursday with dollar appreciated by 67 kobo to an average rate of N376 from N376.67k per dollar traded in the morning of the same day at the black market.

According to a Bloomberg terminal reports, the CBN, on Friday, moved the FX sales rate to Foreign Portfolio Investors (FPIs) to N380.2/$, from N366.7/$, in a move that suggests a technical devaluation of the naira.

The Naira, recently, suffered its biggest daily depreciation of N8.5 against the US dollar in the parallel market since 2017, as the exchange rate rose sharply to N367 per dollar from N358.5.

At the Investors & Exporters (I&E) window, the exchange rate jumped to N368.33 per dollar from N366.75, losing N1.58, the biggest daily depreciation since 2017, when the window was introduced.

Market operators said the development has been triggered by the sudden jump in dollar demand as many traders and anticipate foreign exchange scarcity expected to arise from the crash in the oil price which will mean a huge drop in foreign exchange inflow to the economy amidst persistent fall in the nation’s external reserves. These, they believe, would lead to eventual devaluation of the naira.

Tags: DollarsNairaNigeria

Related Posts

FG Set To Establish National Diphtheria Lab As Cases Hit 13,204
Health

FG Set To Establish National Diphtheria Lab As Cases Hit 13,204

October 4, 2023
Tinubu graduated from CSU but I still support Atiku – Reno Omokri
National

Tinubu graduated from CSU but I still support Atiku – Reno Omokri

October 4, 2023
FCMB Celebrates Excellent Team Service
Business

FCMB Celebrates Excellent Team Service

October 3, 2023
President Tinubu Appoints Spokesperson, Chief of Protocol, Media Special Assistant
National

Tinubu Sends Three More Ministerial Nominees To Senate For Screening

October 3, 2023
US Judge adjourns Chicago University records case till Monday following Tinubu’s appeal
National

Tinubu’s Academic Credentials Released By Chicago State University, Confirms He Graduated In 1979

October 3, 2023
Ooni Begs Nigerians To Be Patient With Tinubu’s Government
National

Ooni Begs Nigerians To Be Patient With Tinubu’s Government

October 3, 2023
Glo

glo
app




Categories

  • A Call to Prayer
  • Agriculture
  • Appointments
  • Business
  • Celebrities
  • Coronavirus
  • Corporate Amazon
  • Economy
  • Education
  • Entertainment
  • Environment
  • Fashion
  • Financial Literacy
  • From the Kaaba
  • From the Pulpit
  • Gist & Jabs
  • Health
  • Jobmart
  • Lifestyle
  • Living
  • Metro Gist
  • National
  • News
  • Op-Ed
  • Opinion
  • Politics
  • Presidency
  • Press Release
  • Religion
  • Sport
  • State News
  • Tech
  • Tourism
  • Travel
  • Uncategorized
  • World News

Recent Posts

  • Mohbad: Court Remands Naira Marley, Sam Larry For 21 days
  • Police declares late Mohbad’s friend Primeboy wanted, places N1m bounty on him
  • Kess’s wife releases more alleged s£xts between him and reality star Christy O as she continues to accuse him of cheating
  • “Naira Marley Has Political Backing” – Tonto Dikeh
  • Disclaimer
  • Google Adsense
  • Home 2
  • Ikoyi building collapse: Corper who redeployed from Borno to Lagos, confirmed dead
  • Leaked Conversation: There Will Know Peace Until Hope Uzodimma Leaves Government House – Emeka Ihedioha
  • MAN Condemns Invasion Of Dangote Cement Plant By Kogi State Govt
  • Privacy Policy
  • Sample Page
  • TheGistDay
  • Whitemoney And New Lady Spotted Stepping Out Of Hotel Together (Video)

© 2023 TheGistDay.

No Result
View All Result
  • News
  • Business
  • National
  • Politics
  • Opinion
  • Tech
  • Gist & Jabs
  • Lifestyle
  • Entertainment
  • Health
  • Travel

© 2023 TheGistDay.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In