Naira falls for fourth straight day

Naira weakened significantly against the U.S. dollar at the official market on Thursday, extending its fall to the fourth straight day.

According to data published on the Central Bank of Nigeria’s website, Nigeria’s naira closed at N416.16 to a dollar on Thursday, representing a N0.17 or 0.04 devaluation from N415.99 it exchanged in the previous session Wednesday.

Naira reached an intraday low of N415.66 and a high of N415.16 before closing at N416.16 at the close of trade on Thursday.

With this, the local currency has maintained a steady decline since the opening of business on Monday.

By the records, the domestic currency closed at N415.64 to a dollar on Monday, N415.82 on Tuesday and N415.99 on Wednesday respectively.

Meanwhile, currency dealers at the Abuja unofficial market (Black market) said the naira exchanged hands with the hard currency at N565.00 per $1 on Thursday and was sold at N570.00 per $1, the same rate it has been trading since the opening sales on January 24.

At the Uyo parallel market, dealers exchanged the naira with the U.S dollar at N567.00 and sold at N570.00 per $1 on Thursday.