Naira Depreciates Against Dollar At Official Market

The naira depreciated slightly against the dollar at the official foreign exchange market on Thursday.

The Central Bank of Nigeria exchange rate data showed that it fell marginally to N1,584.95 per dollar on Thursday from N1,584.49 traded on Wednesday. This means that the Naira dropped by N0.46 against the dollar on a day-to-day basis.

However, at the black market, the sell rate of Naira to dollar remained flat at N1,625 on Thursday, the same exchange rate recorded on Wednesday.

A Bureau de Change operator in Wuse Zone 4 Abuja, Abubakar Alhasan, said that the Naira was sold at N1625 per dollar on Thursday.

“We buy at N1615 per dollar and sell at N1625 on Thursday,” he added.

The Naira’s fluctuations persisted despite CBN governor Olayemi Cardoso’s relatively stable Naira stance.