Nigeria’s currency on Thursday opened the intraday trading with marginal depreciation of 0.03 percent at the Investors and Exporters (I&E) forex window.
The naira/dollar exchange rate was trading at N409.68k during the intraday trading on Thursday compared to N409.54k traded on Wednesday, data from the FMDQ indicated.
The naira weakness followed strong demand for dollars amid low liquidity. The daily foreign exchange market turnover declined by 59.66 percent to $40.13 million on Wednesday from $99.49 million recorded on Tuesday.
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On Wednesday, the naira strengthened by 0.16 percent to N410.00k per dollar as against N410.67k quoted on Tuesday at the I&E window.
Currency traders who participated in the trading on Wednesday maintained bids at between N394.00k and N422.00k/$, according to data from the FMDQ.
The exchange rate remained flat at N482 and N486 at the Bureau De Change (BDC) segment of the foreign exchange market and at the parallel market, respectively.
