On Thursday, the naira experienced a significant depreciation, falling to N1675.49 and N1750 against the dollar in the official and parallel foreign exchange markets, respectively. According to data from the Financial Markets Dealers Quotations (FMDQ), the naira weakened further to N1675.49 per dollar on Thursday, down from N1631.17 on Wednesday. This represents a loss of N44.32 against the dollar compared to the previous day’s exchange rate.

In the black market, however, the naira held steady at N1750 per dollar, maintaining the same exchange rate as on Wednesday. This stability in the black market contrasts with the notable decline seen in the official rates.

Interestingly, the naira’s depreciation occurred despite an increase in foreign exchange transaction turnover, which rose to $166.61 million on Thursday, up from $128.98 million recorded the day before. This suggests that while there is increased activity in the foreign exchange market, it has not translated into a stronger naira against the dollar.