Naira falls heavily against dollar at official market

The Nigerian currency, Naira, depreciated heavily against the United States dollars at the official market on Thursday.

After trading activities on Thursday, Data from FMDQ Securities showed that Naira exchanged for the US dollar at N430.25.

This was a N1.5 or 0.34 percent loss when compared to the N428.75 for the last two days.

During the day’s trade, Naira was exchanged for N444/$ dollar. Naira’s poor performance is largely driven by low forex supply to the market.

FMDQ reports that traders exchanged $58.39 million on Thursday compared to $113. 64 million traded on Tuesday.