The Nigerian naira extended its depreciation streak against the United States dollar at the official foreign exchange market on Thursday, marking a third consecutive day of losses.
According to data released by the Central Bank of Nigeria (CBN), the naira closed at N1,380.11 per dollar on Thursday, compared to N1,380.07 recorded on Wednesday.
The latest exchange rate represents a marginal depreciation of N0.04 against the dollar on a day-to-day basis.
At the parallel market, however, the naira remained unchanged, trading at N1,400 per dollar, the same rate recorded on Wednesday.
Meanwhile, Nigeria’s external reserves rose further to $51.21 billion as of Thursday, reflecting continued growth in the country’s foreign exchange buffer.
Despite the increase in reserves, the naira has weakened against the dollar for three consecutive trading sessions at the official market, continuing the downward trend recorded earlier in the week.
