The official market saw a slight depreciation of the Naira against the US dollar on Thursday, following a modest gain earlier in the week.
Market data from the FMDQ website indicates that the Naira closed at N1,402.67/$1 on Thursday, compared to the previous session’s close of N1,390.96 on Tuesday.
This decline represents a marginal 0.84% drop, amounting to N11.71 from Tuesday’s closing rate. Throughout Thursday’s trading, the Naira fluctuated between a high of N1,299.42 and a low of N1,445.00 before settling at N1,402.67/$1.
The spot market witnessed a foreign exchange turnover of $234.84 million on Thursday, as per FMDQ data.
Meanwhile, in the parallel market, the Naira traded at N1,300/$1 and above, contrasting with its earlier rate of N1020/$1 and above.
Commenting on the situation, a BDC operator at Abuja Zone 4 expressed concern over increased dollar demand, hinting at uncertainty regarding further fluctuations in the exchange rate.
