Naira again depreciates against Dollar at official market 

The Naira has again depreciated against the dollar at the official market to make it two straight days of losses.

Data from FMDQ securities showed that at the Investors and Exporters Window on Thursday, Naira exchanged at N424.62 to the dollar.

The figure represented an appreciation of 0.01 per cent compared with N424.58, for which it exchanged for the dollar on Wednesday.

The open indicative rate closed at N424.30 to the dollar on Thursday, while an exchange rate of N444 to the dollar was the highest rate recorded within the day’s trading before it settled at N424.62.

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During trading, a total of 87.95 million dollars was exchanged by participants.

Naira’s good performance follows the news from the Central Bank of Nigeria (CBN) that external reserves were on the rise and almost at $40 billion.

CBN updated data as of Wednesday, 13 July, showing the reserves stood at $39.4, a massive leap from $38.4 billion it started the month.

The rise in foreign reserves will give CBN enough firepower to tackle the forex scarcity that has forced Nigerians to approach the black market.