Naira continues to depreciate against dollar on Wednesday

The naira continued its depreciation streak against the dollar at the foreign exchange market on Wednesday.

FMDQ data showed that the naira fell further to N1667.42 against the dollar on Wednesday from N1658.48 exchanged on Tuesday.

This represents N8.94 drop.

Further analysis showed that in the last 48 hours, the naira has lost N104.76 against the dollar at the official foreign exchange market.

Similarly, at the black market, the naira slumped to N1705 per dollar on Thursday from the N1675 exchange rate recorded on Tuesday.

At the parallel market, the naira crossed the N1700 against the dollar mark for the first time in weeks.

The development comes as the latest 27.25 per cent interest hike by the Central Bank of Nigeria impacts the country’s economy.

Naira continues to depreciate against dollar on Wednesday