Business
Naira falls heavily against dollar at official market
The Nigerian currency, Naira, depreciated heavily against the United States dollars at the official market on Thursday.
After trading activities on Thursday, Data from FMDQ Securities showed that Naira exchanged for the US dollar at N430.25.
This was a N1.5 or 0.34 percent loss when compared to the N428.75 for the last two days.
During the day’s trade, Naira was exchanged for N444/$ dollar.
READ ALSO: Naira falls heavily against dollar at official market
Naira’s poor performance is largely driven by low forex supply to the market.
FMDQ reports that traders exchanged $58.39 million on Thursday compared to $113. 64 million traded on Tuesday.
Join the conversation
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.