The naira experienced a significant depreciation against the US dollar, falling by N81.34 in a single day at the foreign exchange market.
Data from FMDQ revealed that the naira dropped to N1,154.08 per dollar on Thursday, down from N1,072.74 on Wednesday, marking a 7.04% loss compared to the previous day’s rate.
Similarly, at the parallel market, the naira depreciated to N1,100 per dollar on Thursday, compared to N1,040 on Wednesday.
This marks the second time in three days that the naira has depreciated against the dollar, raising concerns about depleting foreign exchange reserves.
In a statement on Wednesday, Olayemi Cardoso, the governor of the Central Bank of Nigeria, disclosed that the country recently received a $600 million inflow into its foreign reserves.
Nigeria’s FX reserves had earlier dropped to $32.29 billion as of April 15. Despite this decline, Cardoso expressed confidence that as long as there is liquidity in the country’s FX market, the naira’s gains can be sustained.
