Naira's depreciation against dollar continues as FX turnover drops on Thursday

The naira continued to depreciate against the dollar at the foreign exchange market at the close of Thursday's trading.

This is as the foreign exchange transaction turnover dropped by 54 per cent to $92 million on Thursday from $201 million.

FMDQ data showed that the currency slightly weakened to N1,586.04 per dollar on Thursday from N1,582.09 exchanged on Wednesday.

This represents a marginal N3.95 decline.

Similarly, at the parallel market, the naira returned to the N1600 per dollar mark on Thursday from N1598 the previous day.

This represents two consecutive depreciations of the naira against the dollar on the back of the Central Bank of Nigeria's retail Dutch Auction System.

The development comes as the country's external reserves dropped to $36.620 billion as of August 12, 2024, from $36.872 billion recorded on August 7, 2024, according to the Central Bank's data.