The naira recorded N81.34 depreciation against the US dollar in a single day at the foreign exchange market.
FMDQ data showed that the naira tumbled to N1,154.08 per
dollar on Thursday from N1,072.74 on Wednesday.
This represents a 7.04 per cent loss against the dollar
compared to N1,072.74 per dollar traded the previous day.
Similarly, at the parallel market the naira depreciated
N1,100 per dollar on Thursday from N1, 040 on Wednesday.
Accordingly, this is the second time the naira is
depreciating against the dollar in three days amid fears of depleting foreign
exchange reserves.
Meanwhile, the governor of the Central Bank of Nigeria,
Olayemi Cardoso, in a statement on Wednesday said the country received $600
million inflow into its foreign reserves recently.
Earlier, Nigeria’s FX reserves dropped to $32.29 billion as
of April 15.
However, Cardoso said as long as there is liquidity in the
country’s FX market, Naira’s gain can be sustained. DailyPost
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