Business | Top Story

Dollar surpasses N1600 at official market

By

Abdullateef Aliyu, Lagos

Thu, 1 Aug 2024 2:34:22 WAT

The depreciation of the naira has continued as the local currency surpassed N1,600 at the official rate, Daily Trust can report.

The US Dollar closed at N1608.73 to a dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) worsening the woes of manufacturers, airline operators and others with significant forex inputs.

The dollar appreciated with about N10 24 hours after it closed at N1598.30.

SPONSOR AD

However the rate is lesser at the parallel market with a dollar exchanging for N1595 at the close of work on Wednesday.

The Central Bank of Nigeria (CBN) had ramped up measures to arrest the depreciation especially with the constant sale of dollars to registered bureau de change (BDC) operators.

Discover the latest trends on Temu! Shop mobile phones, fashion, beauty, home essentials & more. Start exploring now!

Click here to learn how it works.

Unlock AI's potential! Get top prompts for content, blogs, social media, research, draft proposals and more. Boost creativity start using AI tools today!

Click here to learn how it works.

Start Affiliate Marketing Today! Learn step-by-step how to set up a blog, find programs, create links, and earn money—beginner-friendly guide inside!

Click here to learn how it works.

Join our FREE WEBINAR! Discover the 3-step formula to turn WhatsApp into a cash-generating machine. Sign up now and start earning!"

Click here to learn how it works.

Master Facebook Ads! Learn to set up Business Manager, run campaigns, optimize budgets, and drive sales. Start your journey to ad success today!"

Click here to learn how it works.

Unlock your confidence and attract the love you deserve! Learn how to become irresistible to women—start your transformation today!"

Click here to learn how it works.

Join Daily Trust WhatsApp Community For Quick Access To News and Happenings Around You.