Thursday, March 28, 2024

Naira sheds weight at forex market on Tuesday.

Obi Chibueze, Abuja.

The naira, on Tuesday, fell against the U.S dollar, British pound, Canada dollar, Ghana cedi and Australian dollar as the Central Bank of Nigeria (CBN) failed to meet the demand for foreign exchange on Tuesday, putting pressure on the local currency.

On Tuesday, some currencies rose significantly against the naira, reducing the value of naira in forex market at the close of trading.

U.S dollar to naira rose from 380.75 naira to 383.38, this was a 0.69% rise and Euro rising to 465.22 naira from 460.76. This was a 0.97% increase.

British pound to the naira also rose by 0.98%, an increase from 507.93 naira on Monday to 512.92 at close on Tuesday.

Advertisement

Canada dollar to the naira also climbed to 299.69 naira from 297.41, a 0.775 rise and Australian dollar to the naira rising from 282.15 naira to 285.58 at close on Tuesday.

Ghanaian cedi to the naira also spotted positive stance, increasing to 65.44 naira traded on Monday from 63.75 on Tuesday. This was a 2.65% rise.

 

Related Articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here
Captcha verification failed!
CAPTCHA user score failed. Please contact us!

Latest Articles