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Home » Naira Closes at N1536/$1 in Official Market on Tusday

Naira Closes at N1536/$1 in Official Market on Tusday

Reporter: LATIFAT FASHINA

Techeconomy by Techeconomy
March 12, 2025
in Finance
0
old naira notes
old naira notes

old naira notes

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The naira closed at N1,536.15/$1 on Tuesday in the official market, a 0.39% drop from the previous day’s rate of N1,530.15/$1.

The currency also depreciated in the parallel market, closing at N1,575/$1, a 0.35% drop from Monday’s rate of N1,570/$1. This is a 4.65% week-on-week decline in naira value against the US Dollar.

Within the official market, the naira traded at an intraday high of N1,540/$1 and a low of N1,520/$1, showing the rate of volatility as forex demand increases.

Added to this, the naira also weakened against other major currencies. The euro traded at N1,635/€1, down 0.93% from N1,620/€1 on Monday, while the British pound appreciated by 0.50%, rising to N1,980/£1 from N1,970/£1.

The naira’s continued depreciation is a growing concern for market players and stakeholders. Businesses and investors are monitoring the developments as Nigeria seeks to overcome forex challenges.

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