Naira depreciates against US dollar in foreign exchange market

Naira falls further against US dollar on official foreign exchange market

Naira hits new low against US dollar on official foreign exchange market

On Wednesday, the naira hit a new all-time high against the US dollar on the official foreign exchange market.

On Wednesday, the naira depreciated to N1,035.12 to the dollar, according to FMDQ data.

This represents a decline of 4.72% compared to the 932.67 naira per US dollar traded on Tuesday, the first trading day of the new year.

Similarly, the naira also declined by 0.41% and was trading at 1,220 naira to the dollar in the parallel market on Wednesday.

This move came despite the foreign exchange trading volume at the end of the trading day of $85.68 million, an increase of 457.08 percent from the previous day.

This is the third time since the exchange rate reform on June 14 that the naira has exceeded N1,000 to the dollar, according to data compiled by DAILY POST.

The first instance occurred on Friday, December 8, 2023, when the currency reached a historic low of 1,099.05 Naira per dollar.

The second session closed on Thursday, December 28, 2023, at N1,043.09 to the dollar.


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