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Forex Crisis: Naira Depreciates Against Dollar for 2nd Consecutive Time

Posted by Thandiubani on Thu 06th Jun, 2024 - tori.ng

This represents an N11.65 loss against the dollar compared to the N1476.95 it traded on Tuesday.

 
The Naira has again depreciated against the dollar for the second time in the foreign exchange market.
 
Naira depreciated to N1488.60 on Wednesday from N1476.95 on Tuesday.
 
This is according to FMDQ data.
 
This represents an N11.65 loss against the dollar compared to the N1476.95 it traded on Tuesday.
 
Meanwhile, at the parallel market section on Wednesday, the Naira maintained N1,500 against the dollar at the same figure it traded on Tuesday.
 
The development comes as foreign exchange transactions turnover stood at $236.99 million on Tuesday.
 
Recall that Nigeria’s foreign reserves dropped $1.8 billion in 10 weeks.
 
The country’s forex market has continued to experience fluctuations since mid-April 2024 despite the Central Bank of Nigeria’s interventions.
 
FMDQ securities exchange data showed that the apex bank sold $575 million to banks as an intervention in May 2024.


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