Business
Naira Slightly Depreciates Against Dollar at Official Market Despite Stability Efforts
The naira experienced a slight depreciation against the US dollar at the official foreign exchange market on Thursday. According to data from the Central Bank of Nigeria, the exchange rate moved marginally from N1,584.49 per dollar on Wednesday to N1,584.95 per dollar on Thursday, marking a daily drop of 46 kobo.
In contrast, the black market rate remained unchanged, with the naira trading at N1,625 per dollar on Thursday, the same rate recorded the previous day. Abubakar Alhasan, a Bureau de Change operator in Wuse Zone 4, Abuja, confirmed the steady rate, stating that dollars were bought at N1,615 and sold at N1,625 on Thursday.
These fluctuations in the naira’s value come despite efforts by Central Bank Governor Olayemi Cardoso to maintain stability in the currency’s exchange rate.
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