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The naira continued its decline against the dollar in the foreign exchange market on Wednesday.
According to FMDQ data, the naira fell to N1512.61 per dollar on Wednesday, down from N1509.45 on Tuesday. This marks a N3.16 loss against the dollar compared to the previous day’s trading.
In the parallel foreign exchange market, the naira also depreciated, reaching N1520 per dollar on Wednesday from N1515 the day before.
This weakening of the naira coincides with a significant drop in foreign currency transaction turnover, which fell to $114.91 million on Wednesday from $213.31 million on Tuesday, as reported by FMDQ.
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