Naira depreciates further against dollar as turnover increases

 

Nigeria's local currency experienced further decline despite an increase in daily turnover from 214.73 million dollars on Thursday to 296.63 million dollars on Friday.

The Naira on Friday slightly further depreciated at the official market trading at N1,652.25 against the dollar.

Data from the official trading platform of the FMDQ Exchange revealed that the Naira lost N2.05.

This represents a 0.12 per cent loss compared to the previous trading date, Thursday, when it exchanged at N1,650.20 to a dollar.

However, the total daily turnover increased to 296.63 million dollars on Friday up from 214.73 million dollars recorded on Thursday.

At the Investor’s and Exporter’s (I&E) window, the Naira traded between N1,699.00 and N1,620.00 against the dollar.