The naira continued its depreciation on Wednesday, falling to ₦1667.42 per dollar, down from ₦1658.48 on Tuesday, according to FMDQ data.
This marks an ₦8.94 decline in just one day.
In the past 48 hours, the naira has dropped by ₦104.76 at the official foreign exchange market.
Meanwhile, in the black market, it weakened further to ₦1705 per dollar on Thursday, compared to ₦1675 on Tuesday. This is the first time in weeks that the naira has crossed the ₦1700 mark at the parallel market.
This depreciation follows the Central Bank of Nigeria’s recent 27.25% interest rate hike, which is impacting the broader economy.
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