Naira depreciates against dollar at foreign exchange market

The naira depreciated marginally against the dollar at the official foreign exchange market.

FMDQ data showed that naira depreciated slightly to N1476.95 on Tuesday from N1476.12 on Monday.

This represents N0.83 loss against the dollar compared to the N1476.12 traded on Monday.

Subsequently, the naira depreciated to N1500 against the dollar from N1475 recorded on Monday at the parallel market section.

This comes barely 24 hours after the naira appreciated at official and parallel markets to begin the week.

It was also reported that the country’s foreign reserves dropped $1.8 billion in 10 weeks.

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