The Naira depreciated further in the official market, trading at N1,421.06 to the dollar, according to data from the FMDQ Exchange.
DAILY INSIDER gathered that this platform oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM).
The data on Wednesday, May 8, showed that the Naira lost N4.49, marking a 0.31 per cent decrease compared to the previous trading day on Tuesday when it exchanged at N1,416.57 to a dollar.
Despite this depreciation, the total daily turnover increased to N164.74 million on Wednesday, up from the N160.77 million recorded on Tuesday.
Meanwhile, at the Investor’s and Exporter’s (I&E) window, the Naira traded between N1,440 and N1,335 against the dollar.
Naira Depreciates at Official Market, Hits Over N1,400 to Dollar
Meanwhile, DAILY INSIDER reported earlier that the Nigerian naira has experienced a depreciation at the official market, trading at N1,416.57 to the dollar, according to data from the FMDQ Exchange.
The naira lost N62.36 on Tuesday, May 7, 2024, marking a 4.60% decline compared to the previous trading day when it exchanged at N1,354.21 to a dollar.
Despite the depreciation, the total daily turnover increased to $160.77 million on Tuesday, up from $84.83 million recorded on Monday, May, 6.
DAILY INSIDER gathered that at the Investor’s and Exporter’s (I&E) window, the naira traded between N1,445 and N1,301 against the dollar.