Nigeria’s currency on Thursday steadied at N478 per dollar on the black market as daily turnover declined by 27.04 percent to $37.58 million from $51.51 million recorded on Wednesday.
At the Bureau De Change (BDC) segment of the foreign exchange market, naira weakened by 0.42 percent as the dollar was sold at the rate of N477 on Thursday compared to N475 since January 15, 2021.
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Naira marginally depreciated by 0.02 percent as the dollar was quoted at N394.33 on Thursday as against the last close of N394.25 on Wednesday. Most participants maintained bids between N385.00 and N396.00 per dollar, analysts at FSDH research noted.
The foreign exchange market has been under pressure since March 2020 following a sharp drop in oil prices as a result of Covid-19 pandemic.
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