Naira continues free fall against U.S dollar

Nigeria’s currency, the Naira fell further against the dollar on Thursday as market liquidity also dropped.

According to data from the FMDQ Importers and Exporters window, where forex is officially traded, the Naira closed at N411.31/$1 on Thursday, compared to N410.75/$1 on Wednesday.

This represents a depreciation of N0.56, or 0.14 percent.

This occurred as forex turnover fell by 8.45 percent to $120.08 million, down from $131.16 million on Wednesday.

Read also: [RipplesMetrics] Naira falls by 324% since 1999. What does the future hold?

Market participants bid for Naira at N386.00, and N421.00, before the market closed at N411.31.

On the parallel market, however, the Nigerian naira remained unchanged against the US dollar.

The naira remained at N484.00 on Thursday, the same rate it has been trading at for the past six days, according to abokiFX.com data.

The difference in exchange rates at the end of yesterday’s trading sessions in official and unofficial markets was N72.69.

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now