The Naira has resumed its downward trend against the US dollar just a day after a brief gain, depreciating to N1,650.20 per dollar at the official foreign exchange market on Thursday, according to FMDQ data.
This decline marks a slight shift from Wednesday’s rate of N1,645.45 per dollar.
In the parallel market, the naira traded between N1,738 and N1,745 to the dollar on Thursday, reflecting ongoing pressures on Nigeria’s currency.
The depreciation coincides with a decrease in foreign exchange transaction turnover, which fell to $214.73 million on Thursday from $236.84 million the previous day.
On Wednesday, the naira had shown signs of recovery, closing at N1,645.45 per dollar at the official exchange market, marking its first gain of the week.
