Naira drops against US dollar at forex market

The Naira depreciated against the US dollar on Wednesday at the official foreign exchange market.

Official data from FMDQ disclosed that it dropped to N904.56/$1 at the close of work on Wednesday after opening with N871.12/$1.

The figure represents a 4.38 per cent depreciation to close at N904.56/$1 at the close of business on Wednesday.

The development comes despite the dollar supply increasing by 22 per cent to $120.89 million on Wednesday.

Similarly, Naira depreciated marginally in the parallel market, exchanging at N1,260/$1 on Wednesday from N1,185/$1 the previous day.

Torizone reported last week that the Central Bank of Nigeria increased the exchange rate for cargo clearance from N783/$ to N952/$ amid the foreign exchange crisis.