Naira drops further against dollar in foreign exchange market
In the last nine days, the naira has lost more value in the foreign exchange market when compared to the dollar. The naira dropped from N1507.83 on Wednesday to N1510.10 on Thursday vs the dollar, according to FMDQ statistics.
In relation to the N1507.83 traded the day before, this indicates a N2.27 loss against the US dollar. Similar to this, the naira lost value on the parallel market on Thursday, trading at N1520 per dollar as opposed to N1505 the day before.
This indicates that on Thursday, the naira dropped by N15 in the parallel market. The naira has been weakening versus the dollar since June 18, 2024, when it was worth N1482.72 at that time.
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