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Monday, July 22, 2024
HomeBusinessNaira Depreciates to N1532.58 per Dollar Amid Rising FX Transactions

Naira Depreciates to N1532.58 per Dollar Amid Rising FX Transactions

The Naira continued to fall versus the Dollar in the foreign exchange market, despite an increase in FX transaction activity.

According to FMDQ data, the naira fell to N1532.58 per dollar on Tuesday, down from N1523.85 the day before.

This implies a N8.73 depreciation versus the dollar, compared to N1523.85 exchanged on Monday.

The development comes despite an increase in foreign currency transaction turnover to $188.19 million on Tuesday, up from $133.46 million the day before.

Similarly, on the alternative foreign currency market, the naira fell from N1530 to N1540 on Tuesday.

Further study revealed that the naira lost N22.91 and N15 at both the official and parallel foreign exchange exchanges from last Friday to Tuesday, despite Nigeria’s external reserves increasing to $34.66 billion as of June 4, 2024.

Sodiq Soda
Sodiq Soda
I’m Sodiq Oluwadamilare Soda, a Web Developer/Web Design also a Graphic Designer.
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