According to data from FMDQ, the Naira had a notable decline of N81.34 against the US dollar in the foreign currency market in a single day.
The Naira fell 7.04% against the previous day’s rate, from N1,072.74 per dollar on Wednesday to N1,154.08 per dollar on Thursday.
In a similar vein, the Naira lost value in the parallel market, falling from N1,040 to N1,100 per dollar from Wednesday to Thursday.
Amid worries over diminishing foreign exchange reserves, this is the second time in three days that the value of the Naira has declined vs the dollar.
Olayemi Cardoso, the governor of the Central Bank of Nigeria, announced on Wednesday that the nation’s foreign reserves had recently increased by $600 million.
Prior to this, as of April 15, Nigeria’s foreign exchange reserves had fallen to $32.29 billion. Cardoso did, however, convey optimism that the Naira’s stability could be preserved given liquidity in the nation’s foreign exchange market.
