The Naira depreciated significantly against the US dollar at the foreign exchange market on Thursday.
Data from FMDQ showed that the Naira weakened to N900.96 per dollar on Thursday from N882.24 per dollar on Wednesday.
The figure represents an N18.72 loss or a 2.12 per cent to close at N900.96 in the local currency compared to the N882.24 it closed on Wednesday.
Similarly, the Naira depreciated at the parallel forex market, with the exchange rate reaching a record low of N1,410 per Dollar, representing a 0.37 per cent decrease from the N1,365 per dollar on Wednesday.
The depreciation comes despite the forex turnover increasing by 103.52 per cent, trading at $115.19 million at the close of Thursday.
OsunDailyNG reports that the Naira also weakened on Wednesday, meaning that in the past two days, the currency has lost N22.35.
The Central Bank of Nigeria governor, Olayemi Cardoso, in his address at the Nigeria Economic Group outlook for 2024 on Wednesday, pledged that the apex bank will work towards real price discovery in the foreign exchange market.
