Naira resumes depreciation against dollar

The naira returned to depreciation against the dollar at the foreign exchange market barely 24 hours after respite.

FMDQ data showed that the naira depreciated to N1,650.20 per dollar on Thursday from N1,645.45 exchanged on Wednesday.

On the black market, the naira traded between N1,738 and N1,745 to the dollar on Thursday.

This comes as FX transaction turnover dropped to $214.73 million on Thursday from $236.84 million recorded the previous day.

DAILY POST reports that the naira gained for the first time this week on Wednesday to close at N1,645.45 per dollar at the official FX market.