Naira depreciates further against dollar
The naira further depreciated against the dollar in the foreign exchange market.
The FMDQ data showed that the naira again weakened to N1660.49 per dollar on Thursday from N1659.69 exchanged on Wednesday.
Though the naira depreciated by N0.8 against the dollar on Thursday, it has lost N107.5 in the last three days.
Meanwhile, at the black market, the naira exchanged at N1705 per dollar on Thursday, the same rate as Wednesday.
This comes as FX transaction turnover stood at $330.18 million on Thursday from $217.86 million recorded on Tuesday.
Olayemi Cardoso, the Governor of the Central Bank of Nigeria, said on Wednesday, while speaking at the Nigerian Economic Summit, NES, that a weak naira is advantageous with adequate investment into the country.
“In terms of persuasion, what we need now is to ensure that investments are here. Take, for example, now it may seem like a threat in the sense that the exchange rate has come down so low,” he said.
The development comes as the World Bank said the naira is among the worst-performing currencies in Africa.
Naira’s fluctuations in the FX market have continued untamed despite interventions by the Central Bank of Nigeria.
Naira depreciates further against dollar
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