Lagos, July 11, 2024 – The naira further depreciated to N1,561.98 against the dollar at AFEM, the official segment of the foreign exchange market on Wednesday.
It was exchanged at N1,532.58 to the dollar at the segment on Tuesday.
The naira has been sliding against the dollar since last week after its relative stability for close to month in June.
The steady slide of the naira is in spite of the promise of Oluyemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), that the worse was over for the naira.
The depreciation of the currency is also in spite of the increasing inflow foreign exchange into the country and the rise of the external reserve which currently stands at $35 billion. Â Â
