Economy
Naira Depreciation Persists for Third Consecutive Day, Approaches N2000 per Dollar
The Nigerian naira continued its slide for the third straight day, edging closer to the N2000 per dollar mark in the foreign exchange market. On Thursday, data from FMDQ revealed that the naira depreciated to N1639.41 per dollar, down from N1625.88 on Wednesday, marking a loss of N13.53 in just one day.
In parallel, the naira also weakened in the black market, where it fell by N25, closing at N1660 per dollar on Thursday, compared to N1640 the previous day. This leaves the black market rate just N340 shy of the looming N2000 per dollar threshold.
The naira’s depreciation has been consistent since Tuesday, except for Monday, when it traded at N1585.77 per dollar. This trend coincides with the Central Bank of Nigeria’s (CBN) ongoing implementation of the Retail Dutch Auction System (RDAS), which has been shaping currency movements.
-
Entertainment2 years agoAdanma Luke Appeals for Forgiveness over Junior Pope’s Death: “I’m Gradually Losing My Life, Please Forgive Me”
-
Security News2 years agoRivers: Tension as Gunmen on Speedboat Abduct Fubara, Police Launch Manhunt
-
Security News2 years agoSoldiers in South East Extort, Humiliate Us While Kidnappers Operate Freely Near Checkpoints, Igbo Women’s Group Alleges
-
Politics2 years agoRevealed: Ajuri Ngelale Fired Over Feud with Onanuga, Despite Medical Cover Story
-
General News2 years agoGov. Soludo Seals Peter Obi’s Campaign Office, Edozie Njoku-Led APGA State Office
-
Security News2 years agoEnugwu-Ukwu in Shock: Deadly Ambush Leaves Multiple Dead, Survivors in Fear
-
General News2 years agoVideo: Moment DSS Staff Erupt in Jubilation as News of Bichi’s Sack Announced
-
Breaking News2 years agoJUST IN: Presidential Adviser Ajuri Ngelale Steps Down Temporarily, Cites Reasons