Naira slumps further against dollar

The naira further weakened against the dollar at the foreign market on Wednesday.

FMDQ data showed that the naira slumped to N1512.61 against the dollar on Wednesday from N1509.45 on Tuesday.

This represents a N3.16 loss against the dollar compared to N1509.45 traded on Tuesday.

Similarly, at the parallel foreign exchange market, the naira depreciated to N1520 per dollar on Wednesday from N1515 the previous day.

The development comes as foreign currency transaction turnover dropped to $114.91 million on Wednesday from $213.31 million on Tuesday, according to FMDQ data.