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The Naira experienced a slight decline at the official market on Wednesday, trading at N1,687.52 per dollar.
This represents a depreciation of 0.51 per cent, with the currency losing N8.59 compared to Tuesday’s rate of N1,678.93 per dollar.
Data from the FMDQ Exchange revealed the loss in value occurred alongside a surge in daily turnover, which rose to $173.29 million, up from $128.59 million recorded on Tuesday.
At the Investors and Exporters (I&E) window, trading activity saw the Naira fluctuating between N1,705 and N1,601.50 per dollar, reflecting the volatility in the foreign exchange market.
Market analysts have attributed the depreciation to ongoing economic pressures and rising demand for foreign exchange amidst limited supply.
The situation continues to spark concerns about the Naira’s stability, with calls for strengthened monetary policies to address the persistent challenges in the forex market.
Efforts to stabilise the currency remain a priority for financial authorities as they monitor the trends closely. (NAN)
