FMDQ data shows that the Naira plunged further against the Dollar on Wednesday at the foreign exchange market.
The depreciation comes as the foreign exchange transaction turnover fell by 54% to $92 million on Wednesday from $201 million.
The Nigerian currency weakened to N1,586.04 per Dollar on Wednesday from N1,582.09 exchanged on Tuesday, representing a marginal N3.95 decline.
At the parallel market, the Nigerian currency stood at N1,600 per Dollar on Wednesday, a decline from 1,598 on Tuesday. The drop represents two consecutive depreciation of the Naira against the Dollar, fueled by the Central Bank of Nigeria’s retail Dutch Auction System.
According to the Central Bank’s data, the country’s external reserves fell to $36.620 billion as of August 12, 2024, from $36.872 billion recorded on August 12, 2024.