Business News

Naira Depreciates at Official Market to N1,169/$1

redesign Naira Notes

By Adedapo Adesanya The Naira depreciated against the US Dollar on Friday in the Nigerian Autonomous Foreign Exchange Market (NAFEM) by 1.4 per cent or N15.91 to trade at N1,169.99/$1 compared with the previous day’s rate of N1.154.08/$1. The pressure was on the domestic currency during the trading session amid the foreign exchange (FX) supply shortage, as data from the FMDQ Securities Exchange indicated that the forex turnover depleted by $94.94 million or 53.3 per cent to $86.68 million from the $185.62 million recorded a day earlier. It was observed that the Nigerian Naira also suffered a loss against the