Tag
DOLLAR
Adebayo Adelabu, the Minister of Power, has said that the revised electricity tariff for Band A customers could decrease if the Naira strengthens against the Dollar in the foreign exchange market, indicating that the rates are not fixed.
The recent dollar sales to BDCs below market rate at N1,101/$1 was the third attempt after a long period of suspension by the central bank in 2021.
Naira appreciated for the 4th consecutive week to settle at N1,245 per against the dollar amid amplified confidence in the naira.
The naira defied the strong dollar despite positive macros from the world's largest economy's manufacturing data report that it grew in March for the first time since September 2022.
The Naira has been battered beyond a fraction of what gold did to silver under bimetallism in France.
Dangote's fortune had gone through a turbulent era before its current boom, which represents a substantial turnaround for the company.
The official market witnessed a slight depreciation in the Naira-dollar exchange rate, closing at N1,615.94 to $1, a 0.78% decrease.
The Naira exhibited a positive trend against the US Dollar in the official market, concluding the week at N1,548.25/$1.
The official exchange rate between the naira and the US dollar on Wednesday, February 28th, 2024, appreciated slightly by 0.4% to N1609.51 per US dollar as against the N1615 to a dollar recorded the previous day, according to data published on the FMDQ where forex is officially sold.
The Naira experienced a notable appreciation against the US dollar on February 26, 2024 as official exchange rate strengthened by 5.22% to N1582.94/$1.
The Naira witnessed a notable surge on Thursday, reaching a high of N1750 per dollar in the parallel market, commonly known as the black market.
The official exchange rate experienced a decline of 2.97%, settling at N1571.31/US dollar & intraday trading reached N1851 against the dollar