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Nigeria Naira Depreciated Against The US Dollar

Nigeria Naira Depreciated Against The US Dollar

The Nigeria Naira on Wednesday continue in depreciating against the US dollar to N360.73 per dollar for the first time this week in the Investor and Exporter window, prompted by a 16 percent decrease in dollar supply.

Urhobo Voice gathered from Forex Market Dealers Quote (FMDQ) showed that indicative exchange rate for the window, known as Nigerian Autonomous Foreign Exchange, NAFEX, that the Nigeria Naira rose to N360.73 per dollar, from N359.38 per dollar on Tuesday- translating to a N1.35 loss in the value of naira.

Meanwhile, the volume of dollars traded in the widow decreased by 16 percent to $292.42 million from $340.63 million traded on Tuesday.

Urhobo Voice investigation however revealed that the Nigeria Naira remained stable at N363 in the parallel market for the third consecutive day this week.



Rev Francis Waive

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