By using this site, you agree to the Privacy Policy and Terms & Conditions.
Accept
Okay.ngOkay.ngOkay.ng
Font ResizerAa
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Reading: Naira Extends Losses Against Dollar
Share
Font ResizerAa
Okay.ngOkay.ng
  • News
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Search
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Follow US
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
© OKN MEDIA PUBLISHING 2022 - All rights reserved
BusinessNews

Naira Extends Losses Against Dollar

Farouk Mohammed
By Farouk Mohammed
Published: July 1, 2016
Share
2 Min Read
SHARE

Naira-Dollar-1-1-1-1-1-1-2-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1

The naira on Friday continued to lose steam against the dollar at the parallel market, in spite of the new forex regime, the News Agency of Nigeria (NAN), reports.

The Nigerian currency lost N4 to exchange at N351, from N347 it traded on Wednesday, representing a depreciation of 1.14 per cent.

The naira firmed against the Pound Sterling but weakened against the Euro as it traded at N458 and N380, from N470 and N375 it exchanged on Wednesday.

- Advertisement -

At the interbank window, the naira spot rate closed at N282.03 to the dollar.

Traders at the parallel market said the scarcity of the greenback had forced the naira to depreciate further.

Senior Economist at Covenant University, Ota in Ogun, Dr Evans Osabuohien, said the flexible exchange rate policy might not impact the market in the short term since the demand for dollar was still high.

The don, who frowned at totally allowing the forces of demand and supply to determine the exchange rate, said a managed exchange rate policy was in the best interest of the economy presently.

- Advertisement -

“I don’t subscribe to leaving the nation’s exchange rate at the mercy of the forces of demand and supply because of the huge demand on the dollar.

“A managed floating rate has the advantage of creating a window beyond which the exchange rate will not exceed. It has elements of floating and also elements of control.

“In such policy, the invisible hand of government will be aiding the invisible hand of the forces of demand and supply’’, Osabuohien said.

Stay Updated on the Go with Our Latest News—Join Our WhatsApp Channel Now!
TAGGED:DollarNaira
Share This Article
Facebook Whatsapp Whatsapp Telegram Email Copy Link Print
ByFarouk Mohammed
Publisher
Follow:
Farouk Mohammed is a Head Editor at Okay Nigeria (Okay.ng). He has been publishing for 10 years and focused more on Local/World News on Okay.ng
Previous Article Ever Wondered What This Small Cylinder In Your Laptop Charger Is For?
Next Article EFCC Moves Fayose’s Closest Friend to Abuja After Lagos Court Grants Him Bail

Connect with Okay on Social

FacebookLike
XFollow
InstagramFollow
TelegramFollow

Dollar/Naira Rates

Dollar to Naira Exchange Rate

Okay.ng Logo
Buy Rate ₦1,605.00
Sell Rate ₦1,620.00

Last updated: 5 days ago (June 3, 2025 2:33 pm)

Displayed rates are for informational purposes only and are subject to change.

USD/NGN Converter

- Advertisement -
- Advertisement -
Ad imageAd image
- Advertisement -
Ad imageAd image

Recent Posts

Trump-Musk Rift Deepens as President Threatens Serious Consequences Over Political Funding
International
NIN Registration for Inmates Yet to Begin in 256 Correctional Centres, Report Reveals
News
Anambra, Osun Polls: APC Faces Internal Strife as Soludo and Adeleke Engage President Tinubu Amid Election Tensions
Politics Top stories
Pastor Adeboye
Pastor Adeboye Shares Divine Directive: Leaving RCCG Could Lead to Tragic Loss
News
Anglican Bishop of Lafia Calls on President Tinubu to Address Root Causes of Nigeria’s Insecurity and Economic Woes
News
- Advertisement -
Ad imageAd image

You May Also Like

News

Egbe Bobakeye Okunrin Akile Ijebu Refutes False Claims About Queen Elizabeth II’s 1956 Visit

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 7, 2025
News

NRC Managing Director Warns Against Railway Vandalism: “We Don’t Have Scraps, We Have National Assets”

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 7, 2025
News

Tragic Head-On Collision in Jigawa Claims Nine Lives, Dozens Injured

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 7, 2025
Okay.ngOkay.ng
Follow US
© OKN MEDIA PUBLISHING 2025 - All rights reserved
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
adbanner
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?