Naira drops to N1,678/$ at official market

Naira drops to N1,678/$ at official market

The Naira weakened further at the official market on Friday, closing the week at N1,678.87 to the dollar, reflecting a 2.4% decline compared to the previous trading session.

According to data from the FMDQ Exchange’s official trading platform, the Naira lost N39.37 against the U.S. dollar, down from N1,639.50 on Thursday.

This marks a continuation of the currency’s volatility in the official market.

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Despite the depreciation, the total daily turnover surged significantly, reaching $1.40 billion on Friday, a notable increase from the $244.96 million recorded on Thursday.

This rise in turnover indicates a higher volume of transactions in the market, even as the Naira continues to face downward pressure.

At the Investor and Exporter (I&E) window, the Naira traded within a range of N1,698.50 to N1,609.00 to the dollar, reflecting fluctuations in demand and supply.

The recent depreciation of the Naira has raised concerns among investors and analysts, with many calling for more proactive measures to stabilize the currency and restore investor confidence in the official market.

The Central Bank of Nigeria (CBN) is expected to continue monitoring the situation closely as efforts to manage the currency market proceed.

Naira drops to N1,678/$ at official market

(NAN)