The naira depreciated against the dollar at both official and parallel foreign exchange markets, the second since this week commenced.
According to the Central Bank of Nigeria’s Exchange Data, the naira dropped to N1,545 on Wednesday from N1525. This represents N20 loss against the dollar.
Similarly, in the black market, the naira closed at N1710 per dollar on Wednesday from N1660 recorded the previous day. This means a loss of N50 against the dollar in less than 24 hours.
Meanwhile, this is the second time the naira has experienced a dip this week; the first was on Monday.
The fluctuations of the naira in the past few days come on the back of CBN’s recently introduced Electronic Foreign Exchange Matching System, EFEMS, for transparent FX transactions.
Media Talk Africa recalls that CBN denied claims that it authorised the sale of $20,000 each to Bureau De Change operators at N1300 per dollar.
