In a recent development, the Nigerian Naira experienced a minor depreciation in the official market, with an exchange rate of N1,309.39 to a dollar on Thursday.
The Naira lost N8.96 or 0.69 percent compared to the previous day’s rate of N1,300.43 against the dollar. This slight decline reflects the currency’s fluctuation in response to market dynamics.
Despite the depreciation, the total turnover surged significantly, reaching $857.78 million on Thursday. This substantial increase was a notable jump from the $416.10 million recorded on Wednesday.
At the Investor’s and Exporters’ (I&E) window, the Naira traded within the range of N1,392 and N1,250 against the dollar. This window caters to investors and exporters, providing a platform for foreign exchange transactions.
As Nigeria’s economic landscape evolves, monitoring currency fluctuations remains crucial for businesses, investors, and policymakers. The Naira’s resilience and adaptability in response to market forces play a pivotal role in maintaining stability and facilitating trade.
