Free Fall Of Naira Continues With Highest Depreciation In 24hrs

The naira continued its depreciation against the dollar across foreign exchange markets for the fourth consecutive time.

This comes as the Naira fall to N1,554.85 per dollar from N1,543.91 on Wednesday, according to the Central Bank of Nigeria’s exchange rate date on Thursday.

Thursday’s depreciation at the official market is the highest drop in the past 48 hours as it dipped by N10.92 against the dollar.

Similarly, the Naira weakened to N1,590 per dollar mark on Thursday at the black market.

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This is N5 depreciation on a day-to-day basis when compared to the N1585 per dollar exchange rate at the parallel market the previous day.

Since this week kicked off, the Naira has been on a depreciation streak.

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The development showed that Naira is fast undoing past months appreciation and stability record against the dollar despite the Central Bank of Nigeria’s policy