See Exchange Rate As Naira Continues To Crash Against Dollar

Naira has continued to depreciate against the dollar at the official foreign exchange market.

This is the case following a marginal drop in Nigeria’s currency to N1,533.11 per dollar from N1,530.25, according to the Central Bank of Nigeria’s data.

Accordingly, this indicated that the naira weakened slightly by N2.86 against the dollar on a day-to-day basis.

Meanwhile, at the black market, the naira appreciated by N10 to N1,540 to the dollar from N1,550 traded.

Recall that the naira depreciated significantly at the official market on Thursday.

Despite the fluctuations in the foreign exchange rate, Bismark Rewane, Nigeria’s foremost economist and chief executive officer of Financial Derivatives, said the naira is in good shape due to the transparent foreign exchange market.