Dollar Exchange Rate Falls As Naira Gains in Official, Parallel Markets

The naira recorded its fourth consecutive day of appreciation against the dollar at the official foreign exchange market on Thursday, as reported by Daily Post.

Data from the Central Bank of Nigeria, CBN, showed that the naira strengthened further to N1,346.91 per dollar on Thursday, from N1,347.53 recorded on Wednesday.

This means that, on a day-to-day basis, the naira gained N0.62 against the dollar.

DAILY POST reports that the naira has appreciated against the dollar throughout the week so far.

Meanwhile, at the black market, the naira extended its depreciation against the dollar, exchanging at N1,390 per dollar on Thursday, compared with N1,385 on Wednesday.

This comes as the country’s external reserves dropped for the first time in a long while to $55.26 billion.