Naira loses N22 in two days

The naira continued its depreciation streak against the dollar in the foreign exchange market, despite a surge in FX transaction turnover.

FMDQ data showed the naira weakened to N1532.58 against the dollar on Tuesday from N1523.85 traded the previous day.

This represents N8.73 depreciation against the dollar compared to the N1523.85 traded on Monday.

The development comes despite the increase in foreign currency transaction turnover to $188.19 million on Tuesday from $133.46 million the previous day.

Similarly, at the parallel foreign exchange market, the naira depreciated to N1540 on Tuesday from N1530.

Further analysis showed that from last Friday to Tuesday, the naira lost N22.91 and N15 at both the official and parallel foreign exchange markets, respectively, despite the rise in Nigeria’s external reserves to $34.66 billion as of June 4, 2024.