The naira failed to stop its depreciation against the dollar.
This is happening, despite a surge in foreign exchange reserves.
According to FMDQ data, the naira depreciated slightly to close at ₦1485.53 against the dollar on Friday from ₦1485.36 traded on Thursday.
This represents a marginal ₦0.17 loss against the dollar compared to the ₦1485.36 traded the previous day.
However, at the parallel market, it maintained its rate of ₦1490 against the dollar, the same as the previous day.
Over the past week, the naira has fallen by ₦2.81, closing at ₦1482.72 from ₦1480.
Despite maintaining around ₦1480 for weeks, and foreign reserves rising to $33.58 billion as of June 19, 2024, FX market turnover increased to $193.50 million on Friday from $176.20 million on Thursday.
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