Naira again depreciated against the US dollar

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The Naira depreciated against the US dollar on Wednesday at the official foreign exchange market.

Official data from FMDQ disclosed that it dropped to N904.56/$1 at the close of work on Wednesday after opening with N871.12/$1.

The figure represents a 4.38 per cent depreciation to close at N904.56/$1 at the close of business on Wednesday.


The development comes despite the dollar supply increasing by 22 per cent to $120.89 million on Wednesday.

Similarly, Naira depreciated marginally in the parallel market, exchanging at N1,260/$1 on Wednesday from N1,185/$1 the previous day.