Naira Falls Further as FX Turnover Drops

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FMDQ data shows that the Naira plunged further against the Dollar on Wednesday at the foreign exchange market.
The depreciation comes as the foreign exchange transaction turnover fell by 54% to $92 million on Wednesday from $201 million.

The Nigerian currency weakened to N1,586.04 per Dollar on Wednesday from N1,582.09 exchanged on Tuesday, representing a marginal N3.95 decline.

Naira Dollar
Money changers in Lagos, Nigeria on 25 September, 2023.

At the parallel market, the Nigerian currency stood at N1,600 per Dollar on Wednesday, a decline from 1,598 on Tuesday. The drop represents two consecutive depreciation of the Naira against the Dollar, fueled by the Central Bank of Nigeria’s retail Dutch Auction System.

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According to the Central Bank’s data, the country’s external reserves fell to $36.620 billion as of August 12, 2024, from $36.872 billion recorded on August 12, 2024.

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