News Africa

Dollar crashes as Naira gains almost N100 in official and parallel markets

After several days of losses, the naira recovered against the US dollar for the second time in a week.

The Nigerian currency has been battered for more than 14 days after emerging as the World’s best-performing currency in April, following CBN policies.

On Friday, May 17, 2024, the naira broke vital resistance against the US dollar to trade at N1,1497.33 per dollar in the official market as against the N1,533.99 recorded on Thursday, May 16, 2024.

The Nigerian currency experienced a breather despite a decline in Forex turnover in the Nigerian Foreign Exchange Market (NAFEM).

Data from FMDQ Exchange shows that the total foreign exchange turnover recorded on May 17, 2024, amounted to $83.5 million, a 69.4% decline against the $272 million recorded the previous day.

Traders quoted the dollar at an intra-day high of N1,555 per dollar and a low of N1,415 on Friday, May 17, 2024.

The naira appreciates in the parallel market

Also, in the parallel markets, the naira appreciated by N90 against the US dollar to trade at N1,480 per dollar, up from the N1,540 recorded the previous day.

Traders sell dollars at new rates in all markets

Legit.ng reported that the exchange rate between the naira and dollar in the official Nigerian Autonomous Foreign Exchange Market (NAFEM) depreciated to N1,533.99 per dollar on Thursday, May 26, 2024.

The depreciation represents a 4.69% decline in 24 hours compared to the N1,459.02 per dollar recorded the day before.

The naira recovered on Wednesday after a one-week losing streak, closing stronger at N1,459.09 per dollar on Wednesday, May 15, 2024.

 

Source: www.legit.ng

Ogyem Solomon

Solomon Ogyem – Media Entrepreneur | Journalist | Brand Ambassador Solomon Ogyem is a dynamic Ghanaian journalist and media entrepreneur currently based in South Africa. With a solid foundation in journalism, Solomon is a graduate of the OTEC School of Journalism and Communication Studies in Ghana and Oxbridge Academy in South Africa. He began his career as a reporter at OTEC 102.9 MHz in Kumasi, where he honed his skills in news reporting, community storytelling, and radio broadcasting. His passion for storytelling and dedication to the media industry led him to establish Press MltiMedia Company in South Africa—a growing platform committed to authentic African narratives and multimedia journalism. Solomon is the founder and owner of Thepressradio.com, a news portal focused on delivering credible, timely, and engaging stories across Ghana and Africa. He also owns Press Global Tickets, a service-driven venture in the travel and logistics space, providing reliable ticketing services. He previously owned two notable websites—Ghanaweb.mobi and ShowbizAfrica.net—both of which contributed to entertainment and socio-political discussions within Ghana’s digital space. With a diverse background in media, digital journalism, and business, Solomon Ogyem is dedicated to telling impactful African stories, empowering youth through media, and building cross-continental media partnerships.

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