Naira depreciates against dollar at official, black markets

The naira returned to depreciation against the dollar at both official and black foreign exchange markets on Wednesday.

This comes as FMDQ data showed that the naira weakened to N1687.52 per dollar on Wednesday from N1,678.93 exchanged on Tuesday.

This represents a N8.59 loss against the dollar compared to the N1,678.93 exchange rate at the FX official market on Tuesday.

Similarly, the naira fell to N1750 per dollar on Wednesday from N1740 traded the previous day.

The development comes despite the fact that FX transaction turnover increased to $173.29 million on Wednesday from $128.59 million on Tuesday, according to FMDQ data.

The naira has continued to fluctuate against the dollar in the past few months despite interventions by the Central Bank of Nigeria.