The naira has continued to depreciate against the dollar in the foreign exchange market. According to FMDQ data, the naira weakened further to N1660.49 per dollar on Thursday, compared to N1659.69 on Wednesday.
This represents a drop of N0.8 within a day and a cumulative loss of N107.5 over the past three days.Meanwhile, the black market rate held steady at N1705 per dollar on both Wednesday and Thursday.
Foreign exchange transactions recorded a turnover of $330.18 million on Thursday, up from $217.86 million on Tuesday, indicating increased market activity.
Speaking at the Nigerian Economic Summit (NES) on Wednesday, Central Bank Governor Olayemi Cardoso remarked that while the weak naira poses challenges, it could also present opportunities if the right investments are made.
“It may seem like a threat given the exchange rate’s decline, but with adequate investment, the situation can be advantageous,” he said.Despite various interventions by the Central Bank of Nigeria, the naira’s value has fluctuated persistently.
The World Bank recently ranked the naira among the worst-performing currencies in Africa, highlighting ongoing concerns about its stability in the FX market.
