July 16, 2024

Naira depreciates against dollar as FX supply drops

The naira depreciated against the dollar at the foreign exchange market to resume trading after the June 12 Democracy Day celebration as FX turnover transactions crashed to $92.68 million.

FMDQ data showed that the naira depreciated marginally to N 1476.24 against the dollar on Thursday from N 1473.66 on Tuesday.

This represents an N2.58 loss against the dollar compared to N1473.66 traded on Tuesday.

Similarly, the parallel market depreciated to N1490 against the dollar on Thursday from N1470 traded on Tuesday.

The development comes as the turnover of foreign exchange transactions crashed to $92.68 million on Thursday from $385.91 million.

Recall that the naira appreciated for the second consecutive time against the dollar on Tuesday.

Nigeria’s foreign exchange market has been experiencing fluctuations since mid-April 2024, despite the Central Bank of Nigeria’s policy intervention.

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