Naira depreciates further on Wednesday

The naira continued to depreciate against the dollar in the foreign exchange market.

FMDQ data showed that the naira fell further to N1625.88 per dollar on Wednesday. This represents N14.54 depreciation compared to the N1611.34 exchange rate recorded on Tuesday.

The market indices showed that the highest exchange rate on Wednesday was N1,640 and N1,400 was the lowest on the day under review.

Similarly, the naira slumped in the black market to close at N1645 on Wednesday from N1640 on Tuesday.

Meanwhile, foreign exchange transactions dropped to $205.76 million on Wednesday from $206.61 million recorded the previous day.

Naira depreciates further on Wednesday