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Nigerian currency extends depreciation - DAILY POST
The extended three-day depreciation streak against the dollar at the official foreign exchange market on Thursday.
The Central Bank of Nigeria’s data showed that the Naira weakened slightly to N1,380.11 per dollar on Thursday, down from N1,380.07 exchanged on Wednesday.
This means that on a day-to-day basis, the Naira marginally declined by N0.03 against the dollar.
Meanwhile, at the black market, the Nigerian currency remained flat at N1,400 per dollar on Thursday, the same rate recorded on Wednesday.
The development comes as the country’s foreign reserves increased by a further $51.21 billion on Thursday.
Despite this, DAILY POST reports that the Naira depreciated on Tuesday, Wednesday, and Thursday against the dollar at the official foreign exchange.
