The naira, in its desperation to embark on an appreciation streak depreciated to ₦1675.49 and ₦1750 against the dollar at the official and parallel foreign exchange markets on Thursday.
FMDQ data showed that the weakened further to ₦1675.49 per dollar on Thursday from ₦1631.17 exchanged on Wednesday.
This means that it lost ₦44.32 against the dollar on Thursday compared to the ₦1631.17 exchange rate on Wednesday.
In the black market, the naira held steady at ₦1,750 per dollar on Thursday, unchanged from Wednesday’s rate.
This stability occurred even as foreign exchange turnover rose, reaching $166.61 million on Thursday, up from $128.98 million the previous day.
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