In the past 48 hours, the naira has depreciated by N106.7 against the dollar in the official foreign exchange market.
This decline follows a further weakening of the naira as foreign exchange supply decreased on Wednesday.
According to FMDQ data, the naira fell to N1659.69 per dollar on Wednesday, down from N1658.97 on Tuesday, marking a loss of N0.72.
DAILY POST notes that on Tuesday, the naira experienced a significant drop of N106.05 against the dollar.
World Bank data indicates that the naira is among the poorest-performing currencies in Africa.
The only instance of appreciation this week occurred on Monday.
Despite interventions by the Central Bank of Nigeria (CBN), fluctuations in Nigeria’s foreign exchange market remain persistent.
In related news, Yemi Cardoso, the CBN Governor, addressed the House of Representatives Committee on Banking Regulations, stating that Nigeria’s external reserves are sufficient, currently standing at $39.12 billion.
