Naira Depreciates Against Dollar at Official Market
The Nigerian Naira experienced a depreciation against the US Dollar on Friday, trading at N1,483.99 to the dollar at the official market.
Data sourced from the official trading platform of the FMDQ Exchange, which oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), indicated that the Naira lost N2.50.
This decline represents a 0.16% loss compared to the previous trading day, where the Naira traded at N1,481.49 to the dollar.
Despite the depreciation, the volume of currency traded surged to $269.27 million on Friday, marking an increase from the $213.31 million recorded on Thursday.
In the Investor’s and Exporter’s (I&E) window, the Naira fluctuated between N1,507.00 and N1,399.00 against the dollar, reflecting the volatility in the foreign exchange market.
The depreciation of the Naira against the Dollar underscores the ongoing challenges facing Nigeria’s currency amidst global economic uncertainties and domestic economic pressures.
