The naira has declined against the dollar in both the official and parallel foreign exchange markets for the second time this week. This comes on the heels of a significant appreciation of the Nigerian currency against the dollar the previous week.
According to the Central Bank of Nigeria’s exchange data, the naira dropped to N1,545 on Wednesday, representing a loss of N20 against the American dollar. Similarly, in the black market, the naira closed at N1,710 per dollar on Wednesday, down from N1,660 the previous day, indicating a loss of N50 against the dollar in less than 24 hours.
On a positive note, the naira gained N50 against the British pound, trading at N2,150 per pound compared to the previous day’s rate of N2,200 per pound.
After several weeks of stability at N1,300 per Canadian dollar, the naira shed N20 to trade at N1,280 per Canadian dollar. Furthermore, the naira lost N80 against the euro, trading at ₦1,830 per euro, compared to N1,760 per euro the day before.
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