Lagos, Nov. 10, 2023 – The Nigerian currency, the naira, depreciated at the two main segments of the local foreign exchange market on Thursday.
It fell to N996.75 to the dollar at the official Nafem segment of the market on Thursday from the N836.61 it closed on Wednesday.
The currency also depreciated to between N1,110 and N1,095 at the black market on Thursday from the band of N1,060 and N1,050 on Wednesday.
The naira has maintained steady depreciation since the beginning of the week in spite of the injection of funds into the market by the Federal Government to clear backlog of foreign exchange remittances.
It is still observable that the rates at the two markets are closing towards convergence which is the target of the federal Government. (GBN)
