At Nigeria’s official foreign exchange (FX) market, the Investors and Exporters (I&E) forex window, the country’s currency yesterday lost 1.02 percent of its value (N4.83/$1).
After trading on Thursday the dollar was quoted at N469.50 compared to N464.67 quoted since May 31, 2023, I&E window, data from the FMDQ indicated.
The local currency further weakened against the dollar on Thursday, losing 0.39 per cent (N3) at the parallel market, also known as black market.
During the trading session on Thursday the dollar was quoted at the rate of N763 as against N760 on Wednesday.
The naira depreciation followed strong demand for dollars by individuals for travel allowances and school fees.
Naira has since last week steadied at N464.67 per dollar at the Investors and Exporters forex window despite a decline in the market liquidity on Wednesday.