The naira lost N0.35 against the dollar on the official FX market

Nigeria’s currency, the naira, continued to decline against the American dollar on both the official exchange and parallel markets on Thursday.

Officially, Central Bank of Nigeria (CBN) foreign exchange data shows that the naira closed at N1,387.44/$1, compared with N1,387.09/$1 on Wednesday.

This represents a loss of N0.35 for the local currency against the dollar.

On the black market, the naira lost N25 against the dollar, trading at N1,430/$1, down from N1,405/$1 the previous day.

The local currency lost N5 against the British Pound, trading at N1,890/£1, down from N1,885/£1 the previous day.

The Naira closed flat against the Canadian dollar and Euro trading at N1,000/CA$1 and ₦1,645/€1 respectively.

Babajide Okeowo