Naira depreciates further,Hits N465.13/$1 at Official Market


May 18, 2023.

Azonuchechi Chukwu.

The Nigerian Naira suffered a heavy loss against the United States Dollar in the official market yesterday as the Naira shed 46 Kobo or 0.10 per cent to quote at N465.13/$1 compared with the preceding day’s N464.67/$1.

According to FMDQ Securities Exchange, the turnover for the trading day stood at $267.04 million compared with Tuesday’s $127.22 million, representing a decline of $139.82 million or 109.90 per cent.

A deeper look at the transactions showed that customers bid the Dollar in the Investors and Exporters (I&E) window of the forex market as low as N460.00/$1 and as high as N466.89/$1.

Also, in the black market, the domestic currency depreciated against the Dollar in the midweek session by N5 to trade at N749/$1, in contrast to Tuesday’s exchange rate of N744/$1.(

Azonuchechi Chukwu
Azonuchechi Chukwu
Ms Azonuchechi Chukwu has a BSC holder in mass communication Ebonyi State University

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