On Wednesday, the Naira lost ground against the US dollar in the foreign exchange market. According to FMDQ data, the Naira’s value decreased from N878.61 to N882.24, marking a 0.41% decline or a N3.63 loss.
This represents a shift from Tuesday’s closing rate of N878.61 per US Dollar to N882.24 in the local currency. In the parallel forex market, the Naira also depreciated, quoting an exchange rate of N1,365 per Dollar, reflecting a 0.37% decrease.
Additionally, there was a 3.18% drop in forex turnover to $56.60 million on Wednesday, following a recent gain in the foreign exchange market within the preceding 24 hours.
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