Dollar supply drops by 18.26% to $201m as Naira depreciates

Dollar supply at the official foreign exchange market dropped by 18.26 percent to $201 million as the Naira depreciated on Tuesday.

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 $36.620 billion as of August 12, 2024, from $36.872 billion recorded on August 7, 2024, data from the CBN indicated.