Naira Records Highest Depreciation Against Dollar Since May
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Naira Records Highest Depreciation Against Dollar Since May |
The naira has experienced its most significant depreciation against the dollar since May 13, 2024.
According to FMDQ data, the naira weakened to N1520.24 per dollar on Thursday, down from N1512.61 the previous day.
This marks a N7.63 depreciation against the dollar compared to the N1512.61 rate traded the day before.
This depreciation occurred despite an increase in FX turnover transactions, which rose to $173.51 million on Thursday from $114.91 million on Wednesday, as reported by FMDQ.
The last time the naira traded at N1520 per dollar on the official FX market was on May 13, 2024.
Meanwhile, in the parallel foreign exchange market, the naira maintained its N1520 per dollar exchange rate on Thursday, the same as on Wednesday.
As a result, both the official and parallel foreign exchange rates stood at N1520 per dollar.
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