Concerns have continued to rise as the dollar reaches N1,533.99 in the official market, sparking uncertainty among Nigerians. This surge brings memories of the over N1,600/$1 mark seen in March 2024, though the currency had appreciated in April of the same year.
The summary of the foreign exchange (FX) trading released by the FMDQ Securities Exchange Limited showed that the naira depreciated by 4.89 percent as the dollar was quoted at N1,533.99 on Thursday as against N1,459.02 quoted on Wednesday at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
The naira depreciation followed shortage of the US currency as the dollar supplied by the willing sellers and willing buyers declined by 5.63 percent to $272.86 million on Thursday from $289.14 million recorded on Wednesday.
During the intraday trading, dollar was quoted at N1,590 on Thursday, marginally stronger than N1,593 quoted on Wednesday. The intraday low closed at N1,399.20 on the same day, also slightly stronger than N1,401/$1 closed on Wednesday.