The naira weakened marginally against the U.S. dollar on Thursday, trading at N1,650.20 at the official market, according to data from the FMDQ Exchange. This marks a loss of N4.8, or 0.29 percent, from Wednesday’s close of N1,645.40 per dollar.
The FMDQ platform further indicated a decline in market activity, with the daily turnover dropping to $214.73 million on Thursday, down from $236.84 million the previous day. The turnover reduction signals potentially cautious sentiment in currency trading, as the naira’s value remains under pressure.
At the Investor’s and Exporter’s (I&E) window, where rates fluctuate based on demand and supply dynamics, the naira’s trade values spanned from N1,698.25 to N1,633 against the dollar.
The naira’s recent depreciation reflects ongoing volatility in Nigeria’s foreign exchange market, amid economic reforms and global currency fluctuations that continue to impact the naira-dollar exchange rate.