Naira racing to N2000/$ as depreciation continues for third day

Nigeria’s currency is in a mindless race to N2,000 per dollar as it recorded three days of consecutive depreciations against the dollar at the foreign exchange market on Thursday.

FMDQ data showed that the naira further depreciated to N1,639.41 per dollar on Thursday from N1,625.88 on Wednesday.

This represents an N13.53 depreciation against the dollar compared to the previous day.

Similarly, at the black market, the naira weakened by N25 to N1,660 per dollar on Thursday compared to N1,640 exchanged on Wednesday.

The N1660 per dollar exchange rate at the black market is N340 short of N2,000 per dollar exchange rate.

Naira has continued to depreciate since Tuesday, this week with the exemption of Monday, when it stood at N1,585.77 to the dollar.

This comes amid the Central Bank of Nigeria’s implementation of the Retail Dutch Auction System.