In the black market on Thursday, the naira depreciated to N1,550/$1, a decline from its last close of N1,540/$1.
However, it strengthened to N2,090 per British pound, down from Wednesday’s rate of N2,100/£1, and sold at N2,115/£1 from N2,125/£1.
In contrast, the naira declined against the euro to N1,780/€1 from the prior close of N1,775/€1, and sold at N1,780/€1.
In the official market, the naira showed mild improvement from its last close of N1,535/$1, appreciating to N1,534/$1 from N1,535/$1.
According to data from the Nigerian Foreign Exchange Market (NFEM), the naira bounced between N1,533/$1 and N1,535/$1 during Thursday’s trading.
The depreciation of the naira across markets highlighted mounting pressures on the Nigerian Foreign Exchange Market as the demand for foreign currencies surged. The Central Bank of Nigeria (CBN )’s continuous effort to manage liquidity will be crucial in stabilising the market.
