Naira records highest depreciation against dollar since May

The naira has recorded the highest depreciation against the dollar since May 13, 2024.

FMDQ data showed that the naira weakened to N1520.24 against the dollar on Thursday from N1512.61.

This represents N7.63 depreciation against the dollar compared to the N1512.61 traded the previous day.

This is coming despite the increase in FX turnover transactions to $173.51 million on Thursday from $114.91 million on Wednesday, according to FMDQ data.

The last time they traded at N1520 per dollar on the official FX market was on May 13, 2024.

Meanwhile, at the parallel foreign exchange market, the naira on Thursday maintained its N1520 against the dollar exchange rate, the same as on Wednesday.

With the development, official and parallel foreign exchange rates stood at the N1520 per dollar mark.