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Naira depreciates to N780 per dollar

The local currency had closed at N758/$ at the Investors and Exporters (I&E) window and N940/$ at the parallel market on Wednesday.

The naira fall continued despite uptick in crude oil prices. Brent gained 1.38 per cent to $93.15bp after the Energy Information Administration (EIA) forecasts tighter markets on slimmer OPEC+ output.

At $93pb, Brent has climbed to its highest level in 10 months. The EIA is forecasting that the price of Brent crude will average $92.68pb in fourth quarter, and $91pb by first quarter of 2024.

However, Managing Director, Financial Derivatives Company Limited, Bismarck Rewane, said oil prices could soften, as a rise in the US inflation rate to 3.7 per cent may prompt the US Fed to hike interest rates further at their next meeting on September 19 and 20.

The naira rates also created N170/$ margin between the official and parallel market rates. The rates have continued to crash despite promise by the Central Bank of Nigeria (CBN) Acting Governor, Folashodun Shonubi, to clear estimated $10 billion backlog in two weeks.

 

Source: thenationonlineng.net

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. In addition to his media ventures, Solomon serves as a Brand Ambassador for Alabuga, a prominent Russian industrial company, representing their interests and expansion across Africa. 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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