The naira has resumed its depreciation against the dollar after recording a gain a day earlier at the official foreign exchange market.
Central Bank of Nigeria data on Wednesday showed that the naira dropped to N1,331.77 per dollar from N1,330.87.
This means that, on a day-to-day basis, the naira weakened by N0.90 against the dollar in the official foreign exchange market.
Similarly, in the parallel market, the naira stood at N1,383 against the dollar on Wednesday, compared with N1,370 on Monday, according to a Bureau de Change operator in Wuse Zone 4, Abubakar Bengazzir.
The downward movement of the naira against the dollar comes as the country’s foreign reserves stood at $54.98318 billion on October 6, unchanged from the previous day.
DAILY POST reports that the naira declined against the dollar on Monday but appreciated on Tuesday.
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