Site icon NewsVeo

Naira continues depreciation against Dollar

An image depicting the exchange of Naira and Dollar

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.

Get instant and latest news updates via Our WhatsApp Community or Google News online channel.

Exit mobile version