The Naira experienced a slight depreciation against the US Dollar at the official foreign exchange market on Thursday.
According to figures released by the Central Bank of Nigeria, the local currency weakened marginally to N1,584.95 per dollar, compared to N1,584.49 recorded the previous day. This reflects a day-on-day decline of N0.46.
In contrast, the parallel market saw no change in exchange rates, with the Naira maintaining a steady rate of N1,625 per dollar on Thursday, the same level as Wednesday.
Confirming this, a Bureau de Change operator in Wuse Zone 4, Abuja, Abubakar Alhasan said, “We buy at N1615 per dollar and sell at N1625 on Thursday,” during a chat with DAILY POST.
The slight dip in the official rate comes amid ongoing fluctuations in the Naira’s value, despite the Central Bank Governor, Olayemi Cardoso’s commitment to a stable currency.