Naira Depreciates Further Against Dollar at Black Market

• The Naira has continued its depreciation against the dollar at the parallel foreign exchange market.

• According to a Bureau de Change operator, the Naira dropped to N1500 per dollar on Thursday, a decline of N10 from the previous day’s exchange rate of N1490 per dollar.

• This marks the second time this week that the Naira has weakened at the black market.

The Naira continued its downward trend against the dollar at the parallel foreign exchange market on Thursday, exchanging at N1500 per dollar.

According to Abubakar Alhasan, a Bureau de Change operator in Wuse Zone 4, Abuja, the Naira dropped by N10 from the previous day’s exchange rate of N1490 per dollar.

This marks the second time this week that the Naira has weakened at the black market.

Meanwhile, at the official market, the Naira rose slightly by N0.04 to N1,499.07 on Thursday from N1,499.11 on Wednesday.

READ ALSO: Naira Records First Depreciation Against Dollar on Black Market

The depreciation of the Naira at the black market has raised concerns about the country’s foreign exchange market.

However, the slight appreciation of the Naira at the official market suggests that the Central Bank of Nigeria’s efforts to stabilize the currency may be yielding some results.

CBN’s Forex Policies Working, Naira Undervalued by 26.35% – Rewane

Bismarck Rewane, Managing Director of Financial Derivatives Company, has expressed confidence in the Central Bank of Nigeria’s (CBN) foreign exchange policies, stating they are yielding positive results and aligning the naira closer to its fair value.

Rewane made this statement on the Global Business Report show on Arise TV.

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