Naira continues to depreciate at official market

On Wednesday, the Naira slightly dropped at the official market and was trading at N1,421.06 to the dollar.

Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), showed that the Naira lost N4.49.

This represents a 0.31 per cent loss when compared to the previous trading date on Tuesday when it exchanged at N1,416.57 to a dollar.

However, the total daily turnover increased to N164.74 on Wednesday, up from 160.77 million dollars recorded on Tuesday.

Meanwhile, at the Investor’s and Exporter’s (I&E) window, the Naira traded between N1,440 and N1,335 against the dollar. 

Gistreel reports that the Naira on Tuesday depreciated at the official market, trading at N1,416.57 to the dollar.

Data from the official trading platform of the FMDQ Exchange showed that the Naira lost N62.36.