• Tuesday, June 18, 2024
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Naira weakens to all-time low of N960

Naira gains to N1,468.99/$ as external reserves crawl

Naira on Monday weakened to an all-time low of N960 following strong demand for dollars at the parallel market, also known as the black market.

This represents 0.52 per cent loss over N955 per dollar traded on Friday.

The naira depreciation continued even after President Bola Tinubu appointed Olayemi Michael Cardoso as the new Governor of the Central Bank of Nigeria (CBN) on Friday.

Read also Tinubu names Cardoso new CBN Governor

At the Investors’ and Exporters’ (I&E) forex window, Nigeria’s official FX market, the naira strengthened by 2.96 percent as the dollar was quoted at N756.91 on Friday compared to N780.00 on Thursday, slightly weaker than N758.12 on Wednesday and N742.10/$1 mentioned on Tuesday, data from the FMDQ indicated.

The dairy foreign exchange (FX) market turnover declined by 34.21 per cent to $45.88 million on Friday from $69.74 million recorded on Thursday.

A stable exchange rate, inflation rate and single-digit interest rate are being highlighted as the topmost priority for Cardoso,