Nigeria’s currency, the Naira, depreciated further against the US Dollar in the foreign exchange market on Wednesday.
Data from the official FMDQ market indicated that the Naira closed on Wednesday at N874.71 per US Dollar, reflecting a decrease of N65.51 from the previous day when it traded at N809.2 per US Dollar.
In the parallel market, the Naira was exchanged for N1,110 per US Dollar on Wednesday from N1,100 the previous day.
Dayyau Mistila, a Bureau de Change operator at Zone 4 Abuja, disclosed that Nigerians bought Dollars at N1,100 on Wednesday.
“We sold dollars at N1110 on Wednesday and bought it at 1100 per Dollar”, he said.
Recall that the Naira strengthened against the Dollar when the Central Bank of Nigeria cleared forex backlogs to some commercial banks and airlines last week.
Click to signup for FREE news updates, latest information and hottest gists everydayAdvertise on NigerianEye.com to reach thousands of our daily users
No comments
Post a Comment
Kindly drop a comment below.
(Comments are moderated. Clean comments will be approved immediately)
Advert Enquires - Reach out to us at NigerianEye@gmail.com