NIGERIAN TRIBUNE
Nigeria’s naira depreciated to a low of N1,043.09 to the dollar at the official foreign exchange market on Thursday.
This is compared to N872.59 /$ on Wednesday at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
According to dealers, this was stronger than N885.88/$ quoted on Friday before the festive holidays.
Data from the FMDQ showed that dollar supply increased by 38.81 percent to $127.93 million on Wednesday from $92.16 million recorded on Friday.
The dollar was supplied by willing buyers and willing sellers who participated in the FX auction at NAFEM.
They quoted the dollar at N1,235.65 on the spot trading, stronger than $1,248 quoted on Friday. For the lower spot rate, the dollar traded for N740, weaker than N700 on Friday.
