Naira depreciates by N63.37, trades N1,625 against dollar

The Naira on Wednesday depreciated at the official market, trading at N1,625.13 to the dollar.

Data from the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), revealed that the Naira lost N63.37.

This represents a 4.05 per cent loss when compared to the previous trading date on Tuesday when it exchanged at N1,561.76 to a dollar.

Also, the total daily turnover reduced to 170.6 million dollars on Wednesday down from 253.68 million dollars recorded on Tuesday.

At the Investor’s and Exporter’s (I&E) window, the Naira traded between N1,652 and N1,560 against the dollar.