Dollar supply drops as Naira depreciates on Thursday

The supply of Dollar and other currencies dropped at the foreign exchange market as the Naira exchange rate depreciated on Thursday.

FMDQ data showed that the foreign exchange transactions turnover declined to $87.51 million on Thursday from $139.48 million recorded the previous day.

This represents a $57.97 million decrease in FX transactions turnover on a single day.

The development led to the depreciation of Naira to N1544.02 per dollar on Thursday for N1539.65 exchanged on Wednesday.

This comes amid the recent interest rate cut announced by the United States Federal Reserve.

Meanwhile, the Central Bank of Nigeria Monetary Policy Committee will be meeting next week to decide on the country’s interest rate.