The Naira depreciated further against the dollar at the official foreign exchange, FX, market, following increased demand by end users amid shortage of the greenback.
According to the data released by the FMDQ Securities Exchange Limited, after trading on Thursday, the naira closed weaker as the dollar was quoted at N1,459.73 compared to N1,421.06 quoted on Wednesday, at the Nigerian Autonomous Foreign Exchange Market, NAFEM.
The dollar, supplied by willing buyers and willing sellers, declined by about 48 percent to $84 million on Thursday from the $164 million recorded on Wednesday.
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According to the FX market summary, the intra-day high closed at N1,465 on Thursday, weaker than N1,440 closed on Wednesday. In the same way, the intra-day low depreciated marginally to N1,351 on the same day as against N1,335 quoted on Wednesday.
At the black market, the naira exchanged steadily with the dollar at N1,440 to $1 as dollar scarcity continued in the market.
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