The foreign exchange, turnover on Wednesday rose by 56.67 percent to $52.50 million from $33.51 million
Nigeria’s currency on Wednesday weakened against the dollar by 1.05 percent to N478, breaking the four days stability of N473 since Friday last week, on the black market.
The naira depreciation, which affected all market segments was attributed to strong demand amid shortage of dollars.
At the Bureau De Change (BDC) segment of the foreign exchange market, Naira weakened by 0.42 percent as the dollar was sold at N475 on Wednesday from N473 traded since last week.
Read Also: https://businessday.ng/banking/article/naira-signals-further-depreciation-amid-rising-oil-price/
Naira also depreciated marginally at the Investors and Exporters (I&E) by 0.08 percent as the dollar was quoted at N410 on Wednesday compared to N409.67k quoted on the previous day, data from the FMDQ revealed.
Currency traders who participated in the market maintained bids at between N390.00k and N410.00k per dollar.
Hope Moses-Ashike
Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks.
She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings.
Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.
