Naira Trades at ₦1,745 per Dollar

The naira resumed its depreciation against the dollar in the foreign exchange market, barely 24 hours after a brief recovery.

According to FMDQ data, the naira weakened to ₦1,650.20 per dollar on Thursday, down from ₦1,645.45 on Wednesday.

In the black market, the naira traded between ₦1,738 and ₦1,745 per dollar on Thursday.

This decline coincided with a drop in FX transaction turnover, which fell to $214.73 million on Thursday from $236.84 million on Wednesday.

Newsflash Nigeria notes that the naira had recorded its first gain of the week on Wednesday, closing at ₦1,645.45 per dollar in the official foreign exchange market.

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