Naira depreciation continues as dollar supply falls to all-time low at forex market

Naira depreciation continued as US dollar transactions at the official foreign exchange market dropped to an all-time low of $84.38 million.

This is according to FMDQ data at the close of work on Thursday.

The day-to-day FX supply turnover dropped from $160.77 million on Tuesday to $84.38 million on Thursday.

Consequently, the Naira further dipped to N1459.73 per dollar on Thursday from N1416.57 on Wednesday.

This represents an N43.17 depreciation against the dollar at the official foreign exchange market.

Similarly, the Naira dropped to N1,450 per dollar on Thursday in the parallel market section, compared to N1,438 the previous day. This brings the gap between the official and parallel markets to N9.73.

Naira’s depreciation has been consistent for days now in the FX market.

The country’s forex instability has persisted despite the recent surge in foreign reserves by $262 million.