Naira depreciation continues against dollar as forex crisis worsens

The naira continued its downward trend against the dollar at the official and parallel foreign exchange market on Thursday.

According to FMDQ, the naira exchanged at N837/$1 on Thursday, a marginal increase from the N802/$1 traded on Wednesday.

Similarly, in the parallel market, the country’s currency also depreciated.

According to a Bureau De Operator in Zone 4 Abuja, Dayyabu Mistila, Nigerians bought Naira at N1,250/$1 on Thursday, a N50 increment from the 1200/$1 on Wednesday.

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On Monday, Wale Edun, Minister of Finance and Coordinating Minister of the Economy, said Nigeria is expecting a $10 billion inflow to stabilise the naira.

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