After few days of the Naira strengthening against the Dollar, at both official and the official and parallel markets, findings show that Dollar is fighting back.
The naira has weakened for three day running after efforts by the Nigerian central bank to clear a backlog of matured foreign-exchange forward contracts left a number outstanding.
The naira closed trading on the Investor & Exporter forex window on Thursday at N996.75/$.
This is a 13.95 per cent decline from the N874.71/$ it closed trading on Wednesday. So far, the naira has lost 27.75 per cent of its value since opening the week at N780.23/$ according to details on FMDQ OTC Securities Exchange.
So far, the naira has lost about 40 per cent of its value in 2023, earning the tag of one of the worst performing African currencies from the World Bank.
Recall that the Special Adviser to the President on Economic Matters, Dr Tope Fasua, boasted that the measure recently being introduced by the Central Bank of Nigeria will help the Naira achieve N500-N600/$1 in the future.