Market News
Naira falls against dollar as FX supply drops - DAILY POST
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The naira has returned to depreciation ways against the dollar at the foreign exchange market on Wednesday as FX supply dropped.
FMDQ data showed that it slightly depreciated to N1631.17 per dollar on Wednesday from the N1630.35 exchange rate on Tuesday.
This represents a marginal N0.80 loss against the dollar compared to N1630.35 traded the precious day.
Similarly, at the black market, it fell to N1,750 per dollar on Wednesday from N1,748 exchanged on Tuesday.
This comes as foreign exchange transaction turnover declined to $128.98 million in the period under review from $242.59 million recorded the previous day.
The depreciation comes barely 24-hours after the naira appreciated against the dollar on Tuesday.
In the past months, the Naira had continued to fluctuate against the Dollar despite interventions by the Central Bank of Nigeria.
Meanwhile, the World Bank recently urged the Central Bank of Nigeria to refrain from intervening in the country’s FX market through FX auctions.
