Naira drops further in official, black markets, inches towards N1000 mark

The Naira continued its depreciation against the United States dollar on Wednesday, at both the official and unofficial (black) markets.

At the Investors and Exporters (I&E) window on Wednesday, market data posted on the FMDQ website showed that Naira closed at N782.38 per $1, while at the unofficial market, it inched towards the N1000/$1 mark.

The naira moved within the range of N730.00 and N800.00 before settling at N782.38 at the close of business.

READ ALSO:Naira to dollar rate closes at N789/$1, peaks at N804/$1 in official market

This translates to a N24.87 or 3.3 per cent decline from the rate the naira exchanged against the dollar in the previous session on Tuesday, with $60.26 million posted as foreign exchange supply within the business period.

At the black market, the dollar was exchanged at N905.00 and sold for N910.00.

Ripples Nigeria reports that the last three months since the administration of President Bola Tinubu’s decision to unify rates took effect, the naira has continued to decline at the official market to trade at N782.38 and above from N465.13 per dollar it traded in mid-May.

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