The naira depreciated against the dollar in the foreign exchange market as trading resumed after the June 12 Democracy Day celebration. FX turnover transactions significantly dropped to $92.68 million.
According to FMDQ data, the naira depreciated marginally to N1476.24 against the dollar on Thursday, down from N1473.66 on Tuesday, marking a loss of N2.58.
Similarly, the parallel market saw the naira depreciate to N1490 against the dollar on Thursday, compared to N1470 on Tuesday.
This depreciation coincides with a sharp decrease in the turnover of foreign exchange transactions, which fell to $92.68 million on Thursday from $385.91 million.
Recall that the naira had appreciated for the second consecutive time against the dollar on Tuesday. Despite the Central Bank of Nigeria’s policy interventions, Nigeria’s foreign exchange market has been experiencing fluctuations since mid-April 2024
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