The Naira depreciated on Tuesday as Dollar supply at the official foreign exchange market dropped by 18.26 percent to $201 million.
FMDQ data showed that the turnover of willing buyers and sellers at the official FX market declined to $201 million from $246.44 million on Monday.
This comes as the country’s external reserves also dropped 0.68 percent to $36.620 billion as of August 12, 2024, from $36.872 billion recorded on August 7, 2024, data from the CBN indicated.
The development led to the depreciation of the Naira on Tuesday to N1,582.09 per Dollar at the official market.
This comes after two weeks of appreciation sleak of Naira against the Dollar on the back of the Central Bank of Nigeria’s Retail Dutch Auction System, rDAS.
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The auction was introduced last week to curtail the Dollar demand spike.
According to the apex bank, it sold $815.36 million to end users in its auction amid an effort to defend the Naira.
