The Naira continued its depreciation against the dollar despite a surge in foreign exchange reserves.
FMDQ data showed that the Naira depreciated marginally to close at N 1,485.53 against the dollar on Friday, from N 1,485.36 traded on Thursday.
This represents a marginal N0.17 loss against the dollar, compared to the 1485.36 traded the previous day.
Meanwhile, the national currency remained flat in the parallel market at N1,490 against the dollar, the same as the previous day.
In the week under review, the Naira has dropped N2.81 since Friday last week, when it closed at N1,482.72.
For weeks now, the Naira has maintained its N1,480 mark against the dollar at the official foreign exchange market.
The development comes despite the surge in Nigeria’s foreign exchange reserves in the last two months to $33.58 billion as of June 19, 2024, according to data from the Central Bank of Nigeria.
This is as the FX transactions turnover at the official market also increased to $193.50 million on Friday from $176.20 million on Thursday.
