On Thursday, the Naira experienced a substantial decline against the Dollar in the foreign exchange market, just one day after a notable increase.

According to FMDQ data, the Naira dropped to N1586.11 per dollar on Thursday, down from N1543.84 on Wednesday.

This marks a depreciation of N42.27 against the Dollar compared to the previous day's rate. In the black market, the Naira also decreased by N5, trading at N1620 per dollar on Thursday, down from N1615.

Additionally, FMDQ reported that the foreign exchange transaction turnover reached $120.20 million on Thursday. It is worth noting that the Naira had appreciated significantly to N1543.84 per Dollar just the day before.