Naira drops by N52 against dollar in 48 hours as FX supply plunges

The Naira dropped by N52.24 against the dollar at the foreign exchange market in the last 48 hours as FX supply plunged.

This comes as FMDQ data showed that the Naira weakened to N1653.02 on Tuesday from N1600.78 exchange rate on Friday last week.

This represents an N52.24 loss against the dollar compared to the N1600.78 traded last Friday.

Accordingly, this is the second time the Naira has depreciated after commencing the week with N1603.16 per dollar on Monday.

The depreciation of the Naira comes amid the drop in foreign exchange transactions turnover to $176.15 million from $359.22 traded at the start of the week.

Meanwhile, at the black market, the Naira stood at N1728 per dollar on Tuesday.

Despite the Central Bank of Nigeria’s interventions, the Naira had continued to fluctuate in the FX market.