The Depreciation against the dollar at the official foreign exchange market, according to a report by DailyPost.
This follows a drop to an all-time low in dollar transaction at the official market. The green back shrank to $84.38 million, according to FMDQ data at the close of work on Thursday.
The day-to-day FX supply turnover dropped from $160.77 million on Tuesday to $84.38 million on Thursday.
Consequently, the Naira further dipped to N1459.73 per dollar on Thursday from N1416.57 on Wednesday.
This represents an N43.17 depreciation against the dollar at the official foreign exchange market.
Similarly, the Naira dropped to N1,450 per dollar on Thursday in the parallel market section, compared to N1,438 the previous day. This brings the gap between the official and parallel markets to N9.73.
Naira depreciation has been consistent for last couple of days in the FX market.
The country’s forex instability has persisted despite the recent surge in foreign reserves by $262 million.