Business
Naira Falls To Record Low, Exchanges At N1,421 Per $1 In Parallel Market
VerseNews understands that this rate surpassed the parallel market rate of around ₦1,400.
Nigeria’s official currency, the naira, reached an all-time low against the dollar, dropping to ₦1,421 per dollar during trading on Friday, as reported by FMDQ Exchange.
VerseNews understands that this rate surpassed the parallel market rate of around ₦1,400.
Despite Central Bank Governor Olayemi Cardoso’s announcement of efforts to improve liquidity in the foreign exchange market, the naira closed at ₦891.90 on the official market.
Analysts, including Kyle Chapman from Ballinger & Co., express concern that the declining naira could deter investors, deepening the risk premium.
“The downwards spiral is becoming self-perpetuating at this point. The further it falls, the less investors want to enter Nigeria, and the deeper the risk premium embedded into the naira rate,” Chapman said.
The central bank’s delay in clearing outstanding amounts in forward deals contributes to the official rate approaching the parallel market level.
This economic situation is compounded by the recent suspension of Toyota subsidiary Daihatsu for failing to conduct proper vehicle safety tests for decades.
Convicted Without an Overt Act: The Catastrophic Pleading Failure at the Heart of Kanu’s Trial
A legal commentary by Onyedikachi Ifedi, Esq., has challenged the handling of the trial of Indigenous People of Biafra (IPOB)...
Mazi Chris Nwaọgụ Exposes the Fake Sit-at-Home Scare: IPOB Rejects Alleged APC False-Flag Tactics
IPOB alleges judicial obstruction in Nnamdi Kanu’s cases, rejects sit-at-home rumours and raises concern over 68 transferred detainees.
GUILTY BY IDENTITY: The State-Engineered Plot to Turn Biafran Heritage into a Crime
The sentencing of 48-year-old Paul Okechukwu to 20 years’ imprisonment by Justice Hauwa Yilwa of the Federal High Court in...
First Lady, Remi Tinubu Reveals When She Wants to Leave Aso Rock
First Lady Remi Tinubu has backed her husband’s 2027 re-election bid, saying she hopes to leave Aso Rock in 2031...
APC Accuses Atiku, ADC of Deepfake Plot to Discredit Tinubu’s Kaduna Rally
The APC campaign council has accused Atiku Abubakar and the ADC of planning to circulate manipulated content against its Kaduna...
Atiku’s Campaign Council Labels Tinubu’s 90-Day Relief Plan “Election Bait”, Demands Details
Atiku’s ADC campaign council has questioned the timing of Tinubu’s 90-day relief plan, demanding clear details on food prices, household...
BREAKING: Nollywood Actor Francis Duru is Dead, Family Release Statement, Shares Cause of Death
Francis Duru’s family has confirmed his death following a brief illness, as colleagues and fans mourn the veteran Nollywood actor.
One Law for Abba Kyari, No Law for Nnamdi Kanu: Omotosho’s Fourth Jurisdictional Collapse
In Mazi Nnamdi Kanu’s Case, where Kenya was the territorial state, Kenyan sovereignty, comity, and statutory double criminality were utterly...
Ebola in Nigeria: How to Protect Yourself, Symptoms to Watch and Where to Get Help
Following the confirmation of an Ebola case in Abuja, here is essential safety advice for Nigerians, healthcare workers and travellers,...
Ebola: WHO Advises Against Travel, Trade Restrictions After Nigeria Confirms Case
WHO has advised against travel and trade restrictions on Ebola-affected countries as Nigeria monitors 44 contacts following an imported case...
You must be logged in to post a comment Login