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Naira depreciates, trades at N1402.67/$ at foreign exchange market

03 May 2024
Naira depreciates, trades at N1402.67/$ at foreign exchange market

In the international exchange market, the Naira's fall versus the US dollar has resumed. The Naira lost value against the dollar on Thursday, falling to N1402.67 from N1,390.96 on Tuesday, according to FMDQ statistics. 

In comparison to the N1,390.96 recorded on Tuesday, this indicates a loss of N11.71. 

On the parallel market, the value of the Naira increased from N1360 per dollar on Tuesday to N1340 per dollar on Thursday. 

According to Aminu Gwadabe, National President of the Association of Bureaux De Change of Nigeria, proposals to harmonise the retail end of foreign exchange will stabilise the Naira in the foreign currency market.

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