Business
Naira Depreciates Against Dollar in Both Official and Black Markets
The naira experienced further depreciation against the dollar on Wednesday, both in the official and black foreign exchange markets, reflecting ongoing volatility in Nigeria’s currency landscape.
According to data from the FMDQ Exchange, the naira weakened to N1687.52 per dollar on Wednesday, a drop from the N1678.93 recorded on Tuesday. This marks a loss of N8.59 in value at the official FX market.
Similarly, in the black market, the naira declined to N1750 per dollar, compared to N1740 exchanged on Tuesday.
Interestingly, the decline occurred despite a notable increase in FX transaction turnover, which rose to $173.29 million on Wednesday from $128.59 million on Tuesday, as reported by FMDQ.
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