• Friday, July 19, 2024
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Naira weakens to N945 on strong dollar demand

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

Naira on Thursday weakened against the dollar by 0.53 percent following solid demand for the greenback at the parallel market.

During the morning trading session, one dollar traded at N945, higher than N940 traded on Wednesday at the black market.

Read also Naira falls across FX markets on rising demand for dollars

“Individuals and importers are buying up dollars for business travel, school fees, medical and tourism”, a trader at Lagos International Airport said.

At the Investors’ and Exporters’ (I&E) forex window, Nigeria’s official FX market, the naira fell by 2.16 per cent as the dollar was quoted at N758.12 on Wednesday compared to N742.10/$1 quoted on Tuesday, data from the FMDQ indicated.

…. To be updated later