The naira is approaching N2000 per dollar, following three consecutive days of depreciation in the foreign exchange market as of Thursday. According to FMDQ data, the naira further weakened to N1639.41 per dollar on Thursday, down from N1625.88 on Wednesday, marking a N13.53 drop in value.
In the black market, the naira also depreciated, falling by N25 to N1660 per dollar on Thursday, compared to N1640 on Wednesday.
The current black market rate of N1660 per dollar is now just N340 short of the N2000 per dollar threshold.Reports indicate that the naira has been steadily losing value since Tuesday, except for Monday when it stood at N1585.77 per dollar.
This decline comes amid the Central Bank of Nigeria’s implementation of the Retail Dutch Auction System.
