Naira Depreciates By 8.24% Against Dollar At Official Market

The Nigerian naira faced a significant depreciation in the official market on Wednesday, trading at ₦1,669.15 to the dollar.

Data from the FMDQ Exchange, which manages the Nigerian Autonomous Foreign Exchange Market, indicated that the naira lost ₦127.21, marking an 8.24 percent decline compared to the previous trading session on Monday, September 30, when it was valued at ₦1,541.94 to the dollar.

In addition to the naira’s depreciation, the total daily turnover in the foreign exchange market also saw a decrease, falling to $176.45 million on Wednesday from $181.86 million recorded on Monday.

This reduction in turnover highlights ongoing challenges in the foreign exchange market.

At the Investor’s and Exporter’s window, the naira traded within a range of ₦1,699 and ₦1,550 against the dollar, reflecting the volatility in the exchange rates.

The fluctuations in the naira’s value continue to raise concerns among investors and stakeholders in Nigeria’s economic landscape, as the country grapples with the impact of currency depreciation on the broader economy.