Economy
Dollar-to-Naira Exchange Rate Hits N1,603.80 on Official FX Market
The naira has crossed the N1,600 threshold against the dollar in the official foreign exchange market, according to data released by FMDQ on Thursday.
The data revealed that the naira depreciated to N1,603.80 per dollar on Thursday, marking a sharp decline from the N1,586.71 rate recorded on Wednesday, a loss of N17 in just one day.
In the parallel market, the naira also weakened, dropping to N1,593 per dollar from N1,585 the previous day.
These figures from both the official and black markets indicate a continued decline of the naira against the dollar and other major foreign currencies.
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