The Naira depreciated against the US dollar on Thursday at the parallel market to trade at an average of N742/$1, representing 0.40% drop compared to the N740/$1 it traded on Wednesday.
Data from Bureaux De Change (BDC) operators indicated the local currency also weakened by 0.32% against the Pound Sterling to trade at an average of N932/£1, compared to N935/£1 it recorded in the previous trading session
The Naira recorded a slight gain in its exchange rate for the Euro, to trade at N810/€1 in the day under review, indicating a gain of 0.62% in contrast to N805/€1 that it traded on Wednesday.
Similarly, data from the cryptocurrency Peer-to-Peer (P2P) Exchange indicated that the local currency also depreciated in exchange value to trade at a minimum of N739.88/$1, representing a drop of 0.29% from N742/$1 that it exchanged at the previous trading session. This is according to data culled from a P2P exchange platform.
The local currency opened the market this year at an exchange value of N736/$1 and recorded the highest depreciation rate at N775/$1 on 20th February while its lowest exchange value stood at N730/$1 on 5th January this year.
