Naira continues depreciation against dollar at official foreign exchange market

The naira continued to depreciate against the dollar at the official foreign exchange market on Thursday.

This is the case following a marginal drop in Nigeria’s currency to N1,533.11 per dollar on Thursday from N1,530.25 exchanged on Wednesday, according to the Central Bank of Nigeria’s data.

Accordingly, this indicated that the naira weakened slightly by N2.86 against the dollar on a day-to-day basis.

Meanwhile, at the black market, the naira appreciated by N10 to N1,540 to the dollar on Thursday from N1,550 traded the previous day.

Recall that the naira depreciated significantly at the official market on Thursday.

Despite the fluctuations in the foreign exchange rate, Bismark Rewane, Nigeria’s foremost economist and chief executive officer of Financial Derivatives, said the naira is in good shape due to the transparent foreign exchange market.

Naira continues depreciation against dollar at official foreign exchange market