The naira continued its decline against the dollar in the foreign exchange market, as FMDQ data revealed it fell to N1660.49 per dollar on Thursday, down from N1659.69 on Wednesday.
Although the naira depreciated by N0.8 against the dollar on Thursday, it has lost a total of N107.5 over the past three days.
In the black market, the naira remained steady at N1705 per dollar on both Wednesday and Thursday.
Meanwhile, foreign exchange transaction turnover increased to $330.18 million on Thursday, compared to $217.86 million on Tuesday.
Speaking at the Nigerian Economic Summit (NES) on Wednesday, Central Bank Governor Olayemi Cardoso remarked that while the naira’s weakness is a challenge, it could offer benefits if the country attracts sufficient investment.
“In terms of persuasion, what we need now is to ensure that investments are here. Take, for example, now it may seem like a threat in the sense that the exchange rate has come down so low,” he said.
READ ALSO: “Weak Naira Offers Opportunity For Nigeria,” Says CBN Gov, Cardoso
This development follows the World Bank’s statement that the naira ranks among Africa’s worst-performing currencies.
Despite efforts by the Central Bank of Nigeria to stabilize the currency, its fluctuations in the foreign exchange market remain unchecked.
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