The official foreign exchange market witnessed a significant drop in US dollar transactions, hitting an all-time low of $84.38 million, according to FMDQ data as of the close of business on Thursday.
From $160.77 million on Tuesday, the day-to-day FX supply turnover plummeted to $84.38 million by Thursday, contributing to the ongoing depreciation of the Naira.
On Thursday, the Naira slipped to N1459.73 per dollar, down from N1416.57 the previous day, marking a depreciation of N43.17 against the dollar in the official foreign exchange market.
In the parallel market, the Naira also fell to N1,450 per dollar on Thursday, compared to N1,438 the day before. This led to a gap of N9.73 between the official and parallel markets.
There has been a consistent depreciation trend of the Naira in the FX market, despite a recent increase in foreign reserves by $262 million.