Naira further depreciates by 2.7% against dollar

The Naira on Thursday further slumped at the official market, trading at N1,675.49 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 local currency lost N44.32.

This represents a 2.71 per cent loss when compared to the previous trading date on Wednesday, when it exchanged at N1,631.17 to a dollar.

However, the total daily turnover increased to 166.61 million dollars on Thursday up from 128.98 million dollars recorded on Wednesday.

At the Investor’s and Exporter’s (I&E) window, the Naira traded between N1,677 and N1,610 against the dollar.