Continued Depreciation of Naira Against Dollar with Decrease in FX Turnover on Thursday
Thursday saw the naira facing further depreciation against the dollar in the foreign exchange market.
Notably, the foreign exchange transaction turnover experienced a significant 54% drop to $92 million, down from $201 million.
According to data from FMDQ, the currency showed a slight weakening, exchanging at N1,586.04 per dollar compared to N1,582.09 the previous day.
This reflects a marginal decline of N3.95.
In a similar trend, the parallel market witnessed the naira moving back to the N1600 per dollar level on Thursday, after standing at N1598 the day before.
These consecutive depreciations of the naira against the dollar follow the actions of the Central Bank of Nigeria’s retail Dutch Auction System.
Meanwhile, the country’s external reserves saw a decline to $36.620 billion as of August 12, 2024, from $36.872 billion recorded on August 7, 2024, as per data from the Central Bank.