Naira Weakens Further Against the Dollar Despite Increase in Forex Turnover

On Thursday, the naira's value fell further in both the official and parallel foreign currency markets. According to data from FMDQ, the naira dropped to N1675.49 per dollar at the official market, down from N1631.17 on Wednesday. This marks a decline of N44.32 against the dollar in just one day.

Meanwhile, in the black market, the naira maintained its exchange rate from the previous day, trading at N1750 per dollar.

Despite this depreciation, foreign exchange transaction turnover saw a boost, rising to $166.61 million on Thursday, up from $128.98 million on Wednesday.