The Naira continued its downward trend against the dollar for the fourth consecutive time across various foreign exchange markets.
According to the Central Bank of Nigeria’s exchange rate data on Thursday, the Naira declined from N1,543.91 per dollar on Wednesday to N1,554.85 per dollar, marking its steepest drop in the past 48 hours with a depreciation of N10.92.
Similarly, the black market saw the Naira weaken further, reaching N1,590 per dollar on Thursday, reflecting a N5 decline from N1,585 per dollar recorded the previous day.
Reports indicated that the Naira has been on a consistent depreciation path since the beginning of the week.
This downturn is reversing the months of stability and appreciation previously recorded, despite ongoing policy interventions by the Central Bank of Nigeria.
