Naira marginally depreciated by 0.02 percent as the dollar was quoted at N394.33 on Thursday
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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Hope Moses-Ashike
Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks.
She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings.
Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.
