Naira's Depreciation Against Dollar Persists as FX Turnover Declines

Naira's Depreciation Against Dollar Persists as FX Turnover Declines 

The Naira continued its downward trend against the dollar in the foreign exchange market by the close of Wednesday's trading session.

Foreign exchange transaction turnover dropped significantly by 54 percent to $92 million on Wednesday, down from $201 million.

According to FMDQ data, the Naira slightly weakened to N1,586.04 per dollar on Wednesday, compared to N1,582.09 on Tuesday, marking a marginal decline of N3.95.

In the parallel market, the Naira returned to the N1,600 per dollar mark on Wednesday, up from N1,598 the previous day.

This marks two consecutive depreciations of the Naira against the dollar, influenced by the Central Bank of Nigeria's retail Dutch Auction System.

Additionally, the country's external reserves fell to $36.620 billion as of August 12, 2024, down from $36.872 billion recorded on August 7, 2024, according to Central Bank data.

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