Nigeria’s naira lost further ground against the US dollar in the official foreign-exchange market on Thursday, extending a volatile week for the currency.
Central Bank of Nigeria data showed the naira closing at N1,344.40 per dollar, down from N1,334.72 on Wednesday. The N9.68 daily decline was the currency’s sharpest depreciation so far this week.
The naira also slipped in the parallel market, where it traded at N1,377 to the dollar on Thursday versus N1,375 a day earlier.
Meanwhile, Nigeria’s external reserves stood at $55.15 billion in the latest data released by the central bank.
The latest weakening followed a decline on Wednesday, after the naira had recorded a modest gain against the dollar on Tuesday.
