Again, Naira Continues Depreciation Against Dollar Across FX Markets

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

This is according to data released by the Central Bank of Nigeria.

The CBN 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.

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