Business
Naira Weakens Further Against Dollar in Official, Black Markets
The naira continued its downward trend against the US dollar on Thursday, depreciating across both the official and black foreign exchange markets. According to data from the Central Bank of Nigeria, the official exchange rate slipped to N1,609.64 per dollar, down from N1,608.60 recorded the previous day. This reflects a daily decline of N1.04.
In the parallel market, the naira also lost ground, trading at N1,630 per dollar on Thursday, compared to N1,625 the previous day—a N5 drop within 24 hours. This follows a sharp depreciation earlier in the week, when the naira fell from N1,610 to N1,625 per dollar between Tuesday and Wednesday, marking its steepest drop in recent days. The continued slide raises fresh concerns over currency stability and economic pressure on the Nigerian economy.
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