Dollar-to-naira Exchange Rate Hits N1603.80 On Official FX Market

The naira crossed the N1,600 mark against the dollar at the official foreign exchange market on Thursday.

FMDQ data on Thursday showed that the naira depreciated to N1,603.80 per dollar on Thursday from N1,586.71 traded on Wednesday, recording a N17 loss.

Similarly, at the black market, the naira further depreciated to N1,593 per dollar on Thursday from N1,585 exchanged on Wednesday.

The figures from both official and parallel foreign exchange markets showed that the naira declined further against the dollar and other FX.

DAILY POST reports that this is the fourth consecutive time the naira is depreciating against the dollar, despite the Central Bank of Nigeria’s intervention last week.

The development comes despite CBN’s sales of $106.5 million FX to authorised dealers last week Thursday and Friday amid a demand surge.