Naira slumps massively against Dollar 24-hour after gain

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The Naira slumped massively on Thursday against the Dollar at the foreign exchange market 24 hours after a significant gain.

FMDQ data showed that the Naira fell to N1586.11 per dollar on Thursday from N1543.84 exchanged on Wednesday.

This represents a N42.27 depreciation against the Dollar compared to the N1543.84 exchanged on Wednesday.


Similarly, at the black market, the Naira fell

by N5 to exchanged at N1620 per dollar Thursday from N1615.

This comes as the foreign exchange transaction turnover stood at $120.20 million on Thursday, according to FMDQ data.