October 6, 2023.Thank you for reading this post, don't forget to subscribe!
Naira in the different segments of the foreign exchange (forex) market on Thursday depreciated against the United States Dollar.
The Nigerian currency weakened in the Investors and Exporters (I&E) and the black market windows.
In the official market, it shrank against the greenback yesterday by 2.5 per cent or N18.99 to sell at N775.20/$1 compared with the preceding day’s N756.21/$1, according to data obtained from the FMDQ Securities Exchange.
This happened as the value of FX transactions increased by $1.46 million or 1.5 per cent to $94.24 million from the $95.70 million achieved on Wednesday.
In the same vein, the local currency lost N4 against the US Dollar on Thursday to trade at N1,005/$1, in contrast to the previous day’s rate of N1,001/$1 at the black market (www.naija247news.com).