At the closing of business on Thursday, the naira was still depreciating against the dollar on the foreign currency market.
This comes as foreign exchange transaction turnover fell by 54% to $92 million on Thursday, from $201 million.
According to FMDQ data, the currency depreciated marginally to N1,586.04 per dollar on Thursday, down from N1,582.09 on Wednesday.
This is a slight N3.95 decrease.
Similarly, at the parallel market, the naira recovered to N1600 per dollar on Thursday, up from N1598 the day before.
This illustrates two consecutive naira depreciations versus the dollar as a result of the Central Bank of Nigeria’s retail Dutch Auction System.
The news comes as the country’s external reserves fell to $36.620 billion on August 12, 2024, down from $36.872 billion on August 7, 2024, according to Central Bank data.
