Depreciation of Naira continues

11 Sep Depreciation of Naira continues

Naira continued its free fall yesterday going for N545.00/$1 at the parallel market, representing a N5.00 or 0.93 per cent devaluation from N540.00 it traded on Thursday.

Also, the local currency fell against the U.S dollar at the official Nafex window on Friday.

According to data posted on the FMDQ securities exchange window where forex is officially traded, naira closed at N412.00 per $1 at the official window on Friday.

The foreign exchange turnover decreased by 22.92 per cent with $88.39 million recorded at the market session against the $114.68 million posted in the previous session on Thursday.