Market News
Nigerian currency continues depreciation - DAILY POST
The Naira continued to depreciate against the dollar at the official foreign exchange market on Wednesday. The Central Bank of Nigeria’s data showed that the Naira further declined to N1,360.07 on Wednesday against the dollar, down from
N1,357.18 traded on Tuesday.
This means that on a day-to-day basis, the Naira dropped by N2.89 per dollar at the official foreign exchange market.
Similarly, on the black market, the Naira fell by N5 to N1400 per dollar on Wednesday from N1395 exchanged on Tuesday.
The downward trend across foreign exchange markets comes as the country’s external reserves surged further to $50.89 billion on Tuesday.
DAILY POST reports that the Naira appreciated on Monday but dropped against the dollar on Tuesday.
