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    Naira Dips Against the Dollar

    Chinomso SundayBy 01 Min Read
    Naira
    A man exchanges Nigeria's currency Naira for US dollars in Lagos, Nigeria, on April 19, 2021. - Nigeria's economy was already struggling with a fall in the price of oil, Nigeria's major export, and a weak local naira currency, before the global pandemic struck. Now Nigeria's inflation has soared to a four-year high of more than 18 percent in March 2021, with food prices up 22.9 percent, according to the National Bureau of Statistics. (Photo by PIUS UTOMI EKPEI / AFP) (Photo by PIUS UTOMI EKPEI/AFP via Getty Images)

    The naira continued its decline against the dollar in the foreign exchange market on Wednesday.

    Data from FMDQ indicated that the naira dropped to N1667.42 per dollar, down from N1658.48 on Tuesday, marking a decrease of N8.94.

    Further analysis revealed that in the past 48 hours, the naira has lost N104.76 at the official foreign exchange market.

    Naira

    In the black market, the naira also fell, trading at N1705 per dollar on Thursday, down from N1675 on Tuesday. This marks the first time in weeks that the naira has surpassed the N1700 threshold against the dollar in the parallel market.

    This decline coincides with the recent 27.25% interest rate hike by the Central Bank of Nigeria, which is significantly impacting the country’s economy.

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    Chinomso Sunday is a Digital Content Writer at News Central. Her expertise spans special reports, developmental insights, and investigative journalism. Additionally, she holds roles as an Editor, Online Reputation Manager, and Digital Marketing Strategist, contributing her combined skills to her professional endeavours.

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