Naira Depreciates Against Dollar at Official Market

The naira has again depreciated slightly against the dollar at the official foreign exchange market on Thursday.

This followed a Central Bank of Nigeria exchange rate data released on Wednesday.

It showed that the naira fell marginally to N1,584.95 per dollar on Thursday from N1,584.49 traded on Wednesday.

This means that the Naira dropped by N0.46 against the dollar on a day-to-day basis.

However, at the black market, the sell rate of Naira to dollar remained flat at N1,625 on Thursday, the same exchange rate recorded Wednesday.

Abubakar Alhasan, a Bureau de Change operator in Wuse Zone 4 Abuja, confirmed that the Naira is sold at N1625 per dollar on Thursday.

“We buy at N1615 per dollar and sell at N1625 on Thursday,” he told DAILY POST.

Recall that Naira’s fluctuations had persisted despite CBN governor Olayemi Cardoso’s relatively stable Naira stance.