Naira Falls Against Dollar At Official Market As New Exchange Rate Emerges

On Friday, the Naira depreciated in the official market against the US dollar.

The Nigerian currency closed at N1,483.99 to the dollar. According to data from the FMDQ Exchange, which manages the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira fell by N2.50, representing a 0.16 percent decline compared to Thursday’s rate of N1,481.49 to the dollar.

Despite the depreciation, the trading volume saw an increase, rising to $269.27 million on Friday from $213.31 million on Thursday.

In the Investor’s and Exporter’s (I&E) window, the Naira’s exchange rate ranged between N1,507.00 and N1,399.00 against the dollar.