Business

Naira Depreciation Continues As Dollar Supply Hits Record Low In Forex Market

The day-to-day FX supply turnover decreased from $160.77 million on Tuesday to $84.38 million on Thursday.

By Johnson Atoukudu

The depreciation of the Naira continued as transactions in US dollars at the official foreign exchange market reached an all-time low of $84.38 million, according to data from FMDQ at the close of business on Thursday.

The day-to-day FX supply turnover decreased from $160.77 million on Tuesday to $84.38 million on Thursday.

As a result, the Naira further declined to N1459.73 per dollar on Thursday from N1416.57 on Wednesday, marking a depreciation of N43.17 against the dollar at the official foreign exchange market.

Similarly, the Naira fell to N1,450 per dollar on Thursday in the parallel market, compared to N1,438 the previous day, widening the gap between the official and parallel markets to N9.73. The Naira’s depreciation has been consistent for several days now in the FX market.

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