Business

Forex turnover records $147.81 million as naira depreciates to N878.57/$1 at the official market  

Forex turnover rises by 460.52% to $147.81 as the Nigerian naira tumbled against the dollar on Tuesday, January 16th, 2024, in both the official and black markets.   


The domestic currency depreciated 4.72% to close at N878.57 to a dollar at the close of business, based on data from NAFEM where forex is officially traded. 


The former President and Chairman Governing council of, the Chartered Institute of Stockbrokers (CIS) and the Managing Director, of Arthur Steven Asset Management Limited, Mr. Olatunde Amolegbe in an exclusive chat with Nairametrics said for the exchange rate to be stable, market and participants confidence is key.