Naira Continues to Decline Against Dollar

Naira Continues to Decline Against Dollar

The naira experienced further depreciation against the dollar in the foreign exchange market on Wednesday.

According to FMDQ data, the naira fell to N1512.61 per dollar on Wednesday, down from N1509.45 on Tuesday.

This marks a N3.16 decline compared to the previous day’s rate of N1509.45.

Similarly, in the parallel market, the naira weakened to N1520 per dollar on Wednesday, compared to N1515 the day before.

This decline coincides with a drop in foreign currency transaction turnover, which fell to $114.91 million on Wednesday from $213.31 million on Tuesday, as reported by FMDQ.

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