The depreciation of the Nigerian currency against the dollar continued on Wednesday with the currency being exchanged for N688 per dollar at the Peer-to-peer market.
This shows a 2.5 per cent decrease when compared to N671 per dollar it traded earlier in the P2P market segment.
Also, the currency depreciated by 0.9 per cent or N3.83 against the United States Dollar in the Investors and Exporters (I&E) segment of the foreign exchange market on Tuesday, trading at N431.00/$1 compared with Monday’s value of N427.17/$1.
The value of the domestic currency to its American counterpart depleted yesterday despite the turnover going down by 35.4 per cent or $31.76 million as trades worth $58.03 million were executed compared with the previous day’s $89.79 million.
In addition, in the parallel market, the Nigerian currency lost N6 or 0.90 per cent to trade at N671/$1 compared with the previous session’s value of N665/$1 and in the interbank window, the Naira closed flat against the Pound Sterling and the Euro at N497.44/£1 and N423.39/€1 respectively.
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