Naira slumps against dollar at FX markets

The naira continued to depreciate against the dollar at both official and parallel foreign exchange markets.

FMDQ data showed that the naira fell to N1689.88 per dollar on Tuesday from N1681.42 exchanged on Monday, recording N8.42 depreciation.

Similarly, at the black market, the naira lost N5 to close at N1740 on Tuesday from N1735, exchanged on Monday.

This comes as FX supply transaction turnover dropped to $106.44 million on Tuesday from $471.5 million recorded the previous day.

Media Talk Africa reports that BMI, a Fitch Solutions subsidiary, projected that the naira may fall to N1,993 per dollar in the coming days.

The depreciation of the naira comes despite Nigeria’s foreign exchange reserves increasing to $40.167 billion as of November 11, 2024, according to the Central Bank of Nigeria’s data.