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Dollar Supply Drops as Naira Depreciates on Thursday

Posted by Thandiubani on Fri 20th Sep, 2024 - tori.ng

FMDQ data showed that the foreign exchange transactions turnover declined to $87.51 million on Thursday from $139.48 million recorded the previous day.

Naira has depreciated against the dollar at the foreign exchange market on Thursday following drop in supply of Dollar and other currencies.

This is according to data released by the FMDQ.

The data showed that the foreign exchange transactions turnover declined to $87.51 million on Thursday from $139.48 million recorded the previous day.

This represents a $57.97 million decrease in FX transactions turnover on a single day.

The development led to the depreciation of Naira to N1544.02 per dollar on Thursday for N1539.65 exchanged on Wednesday.

Also, the Naira yesterday depreciated to N1,650 per dollar in the parallel market from N1,645 per dollar on Wednesday.

This comes amid the recent interest rate cut announced by the United States Federal Reserve.

Meanwhile, the Central Bank of Nigeria Monetary Policy Committee will be meeting next week to decide on the country’s interest rate.