Sunday, August 3, 2025

The Truth Banishes Fear!

Naira Hits Record Low of 1,531 To Dollar on Official Market – FMDQ

The New Diplomat
Writer

Ad

Egypt’s $10 Billion Green Gamble

Egypt has been steadily increasing its renewable energy capacity in recent years in a bid to enhance its energy security. By 2024, Egypt had a total installed capacity of renewable energy of almost 7.8 GW. While its hydropower segment has remained stable at around 2.8 GW since 2018, it has significantly expanded its wind and…

[VIDEO] Michelle Alozie Opens Up: How I Entered Super Falcons Squad

By Abiola Olawale In a captivating tale of patriotism and resilience, Super Falcons defender Michelle Alozie has shared the extraordinary story of how she earned her place on Nigeria’s women’s national football team. Allozie, a Houston Dash star, who recently helped Nigeria clinch its 10th Women’s Africa Cup of Nations (WAFCON) title in 2025, opened…

Ad

By Agency ReportĀ 

Nigeria’s naira dropped to a record low against the dollar on the official market on Tuesday, FMDQ Exchange data showed on Wednesday, slipping below rates on the unofficial parallel market in intra-day trades.

The naira fell as low as 1,531 to the dollar during trading on Tuesday, FMDQ data showed, compared with 1,460 naira quoted on the parallel market. The currency later closed at 1,482.57 naira on the official market, according to FMDQ.

The latest fall occurred after market regulator FMDQ OTC Securities Exchange said its methodology for calculating closing rates on the currency was revised last Friday to include more data, and that the levels on its computation had changed.

The naira has lost around 40% since the start of the year. Its official exchange rate has been drifting towards the parallel market level as foreign currency shortages in the West African nation funnel demand to unofficial sources.

The central bank has warned lenders about underreporting transactions on the financial market, leading to misinformation, attempts to create price distortions and market manipulation, and said such activity would be sanctioned.

On Wednesday the currency eased on the forwards market, with traders quoting the dollar as low as 1,650 in a year’s time.

Source: Reuters

Ad

X whatsapp