Naira continues depreciation streak at official market, trades 1,402/$

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This represents a 0.86% decrease from the previous close at N1,390 of trading activity on Tuesday

Israel Arogbonlo, Nigerian Tribune

May 3, 2024

PHOTO

The Nigerian naira has continued its depreciation streak against the US dollar, falling to N1,402 at the official market.

This represents a 0.86% decrease from the previous close at N1,390 of trading activity on Tuesday.

The depreciation is attributed to renewed demand for the greenback at both the official and parallel markets.

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Additionally, Bureau De Change operators have reported a reduction in the value of the naira at the parallel market.

Despite this, dollar supply at NAFEX rose by 3.1% to $232 on Thursday from $225.36m recorded on Tuesday.

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