Naira Depreciates 0.3% Against Dollar

The Naira on Wednesday slightly depreciated at the official market, trading at N1,421.06 to the dollar.

Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), showed that the Naira lost N4.49.

This represents a 0.31 per cent loss when compared to the previous trading date on Tuesday when it exchanged at N1,416.57 to a dollar.

However, the total daily turnover increased to N164.74 on Wednesday, up from 160.77 million dollars recorded on Tuesday.

Meanwhile, at the Investor’s and Exporter’s (I&E) window, the Naira traded between N1,440 and N1,335 against the dollar.