Naira records highest depreciation against dollar since May

Since May 13, 2024, the naira has depreciated against the dollar at its greatest rate.

The naira dropped from N1512.61 to N1520.24 versus the dollar on Thursday, according to FMDQ statistics.

In relation to the N1512.61 traded the day before, this indicates a devaluation of N7.63 against the US dollar.

This is happening in spite of the fact that, according to FMDQ data, FX turnover transactions increased to $173.51 million on Thursday from $114.91 million on Wednesday.

On May 13, 2024, they were last traded on the official FX market for N1520 per dollar.

In the meantime, the naira held steady at N1520 versus the dollar on Thursday in the parallel foreign exchange market, where it was on Wednesday.

Following the development, N1520 per dollar mark was the official and unofficial foreign exchange rate.

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