Naira continues depreciation against dollar across official, black FX markets

The naira continued to depreciate against the dollar across official and parallel foreign exchange markets on Thursday.

Central Bank of Nigeria exchange rate data on Thursday showed that the Naira weakened further to N1609.64 per dollar from N1,608.60 traded the previous day.

This means that the naira dropped by N1.04 on a day-to-day basis at the official FX market.

Similarly, the naira depreciated to N1630 per dollar at the black market on Thursday compared to N1625 traded the previous day. This indicated that the N5 lost against the dollar in 24 hours.

Media Talk Africa reports on Wednesday that the naira recorded its highest depreciation and fell to N1625 per dollar from N1610 on Tuesday this week.