Naira depreciates by 8.24% against dollar

The Naira on Wednesday depreciated at the official market, trading at N1,669.15 to the dollar.

Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), revealed that the Naira lost N127.21.

This represents an 8.24 per cent loss when compared to the previous trading date on Monday, Sept. 30 when it exchanged at N1,541.94 to a dollar.

Also, the total daily turnover reduced to 176.45 million dollars on Wednesday down from 181.86 million dollars recorded on Monday.

Meanwhile, at the Investor’s and Exporter’s (I&E) window, the Naira traded between N1,699 and N1,550 against the dollar.