The naira has been on a rapid depreciation trajectory, edging closer to ₦2000 per dollar after three consecutive days of decline in the foreign exchange market.
Data from FMDQ showed that on Thursday, the naira weakened further to ₦1639.41 per dollar, down from ₦1625.88 the previous day, marking a ₦13.53 drop.
In the black market, the naira also depreciated, falling by ₦25 to ₦1660 per dollar on Thursday, compared to ₦1640 on Wednesday. The current black market rate is ₦340 short of the ₦2000 per dollar mark.
This recent decline follows a pattern of depreciation observed since Tuesday, with the naira standing at ₦1585.77 per dollar on Monday.
The situation has raised concerns about further depreciation in the coming days.
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