Naira records slight depreciation against Dollar, hits ₦1,402.67 at official market
In the latest market update, the Nigerian naira experienced a marginal depreciation against the dollar, trading at ₦1,402.67 at the official market. Data from the FMDQ Exchange, the regulatory body overseeing the Nigerian Autonomous Foreign Exchange Market (NAFEM), indicated a loss of ₦11.71, marking a 0.84% decline compared to the previous trading session on Tuesday, April 30.
Despite this slight setback, the total daily turnover surged to 232.84 million dollars on Thursday, a notable increase from the 225.36 million dollars recorded earlier in the week.
At the Investor’s and Exporter’s (I&E) window, the naira exhibited a trading range of ₦1,445.00 to ₦1,299.42 against the dollar, reflecting dynamic market movements and investor sentiment.
The fluctuations in the naira-dollar exchange rate underscore the volatility inherent in the foreign exchange market, influenced by various economic factors and global market dynamics. Investors and market participants continue to monitor these developments closely for potential implications on trade and investment activities.
As the financial landscape evolves, stakeholders remain vigilant, adapting strategies to navigate the ever-changing currency market terrain.
