Naira falls against dollar as foreign exchange supply falls

Trading resumed in the foreign exchange market following Democracy Day celebrations on June 12, with the naira weakening against the dollar and foreign exchange turnover falling to $92.68 million.

The naira weakened slightly to 1,476.24 naira per dollar on Thursday from 1,473.66 naira per dollar on Tuesday, according to FMDQ data.

This represents a loss of 2.58 naira compared to Tuesday's rate of 1,473.66 naira per dollar.

Similarly, the parallel market rate fell from 1,470 naira to the dollar on Tuesday to 1,490 naira on Thursday.

The move came after foreign exchange trading volumes plunged to $92.68 million from $385.91 million on Thursday.

Recall that the naira appreciated against the dollar for the second consecutive session on Tuesday.

Nigeria's foreign exchange market has been experiencing volatility since mid-April 2024 despite policy interventions by the Central Bank of Nigeria.


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