Naira trades N1750 against dollar at black market

The Nigerian naira depreciated to N1675.49 and N1750 against the dollar at the official and parallel foreign exchange markets respectively at the close of trading on Thursday, October 1.

The rate which was N1631.17 on Wednesday weakened to N1675.49 per dollar on Thursday according to data from FMDQ a loss of N44.32.

At the black market, the legal tender remained flat at N1750 per dollar on Thursday, the same exchange rate traded on Wednesday.

The depreciation of Naira comes despite the foreign exchange transaction turnover increase to $166.61 million on Thursday from $128.98 million recorded the previous day.