Traders Panic As Naira Depreciates Thrice In 6 Hours

Hamilton Nwosa
Writer

Ad

Oil Prices Drop to $59 on Gaza Ceasefire and Trump’s China Tariff Threat

WTI crude tumbled below the critical $60 per barrel mark for the first time since May, with front-month futures settling at $58.90 per barrel for a steep 4.24% loss on Friday, October 10. The international benchmark, Brent, followed suit, closing down 3.82% at $62.73 per barrel. This decisive collapse was driven by a powerful one-two…

Why Forgiveness Is Hard, By Funke Egbemode

Ebun noticed that her husband was avoiding intimacy with her. He was travelling more, sleeping outside the home under one flimsy excuse or the other. The traffic was terrible. I did not want to drive home that late because my spare tyre is bad. I had had an extra bottle of beer and my friends…

Ranked: Europe’s Most Dangerous Cities, According to Citizens

Key Takeaways Numbeo’s Crime Index is based on user surveys, scaled 0–100, and reflects perceptions of crime and safety rather than official statistics. Bradford, UK is the most dangerous city in Europe according to the latest mid-2025 crime rankings. At the country-level, France has the most cities in the top 30. Where do European’s feel the least…

Ad

Currency traders in Lagos became worried on Wednesday as the naira depreciated thrice in six hours at the parallel market.

The traders who were perturbed by the ugly trend; held meetings at different markets to analyse the rationale behind the sudden depreciation, after it had appreciated for about four weeks.

A dollar was exchanged for N467 as of 4:45 pm, after it traded for N455, and N460 in a couple of hours on Wednesday, while the pound sterling and Euro closed at N560 and N505, respectively.

The nation’s currency, after weeks of sustained appreciation, stabilized at N455 to a dollar prior to its depreciation by N12 on Wednesday.

At the Bureau De Change (BDC) window, the Nigerian currency sold at N385 to a dollar, CBN controlled rate, while the pound sterling and the euro closed at N553 and N500, respectively.

The official interbank market was not isolated from the depreciation fever as the naira lost N1.78 to close at N306.78, from N305 it posted previously.

Though traders at the market could not offer sufficient reason for the performance of the naira at the parallel market; they believe that the liquidity challenge would ease off by today after BDCs would have bought Forex from Travelex in Lagos.

Ad

Unlocking Opportunities in the Gulf of Guinea during UNGA80
X whatsapp