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Naira Depreciates Against Dollar For Seventh Time In Days At Foreign Market

Consequently, the margin between the unofficial market and NAFEM rates expanded to N95.12 per dollar.

By Johnson Atoukudu

The Naira has depreciated against the US dollar seven times in recent days in the foreign exchange market. According to FMDQ data, the Naira fell for the seventh time against the Dollar, quoting N1309.88 per Dollar on Thursday, compared to N1308.52 on Wednesday.

In the parallel market, the Naira fell to a range of N1,300 to N1,370 on Thursday, down from N1,250 to N1,300 the day before. Over the past four days, the Naira has consistently depreciated against the Dollar in the FX market.

Additionally, last week, the Naira experienced three instances of depreciation against the Dollar in the foreign exchange market.

Consequently, the margin between the unofficial market and NAFEM rates expanded to N95.12 per dollar from N45.15 per dollar the previous day.

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