The Naira, on Wednesday, continued its depreciation streak against the dollar in the foreign exchange market.
FMDQ data showed that the Naira fell further to N1,667.42 against the dollar on Wednesday, from N1,658.48 exchanged on Tuesday. This represents N8.94 drop.
Further analysis showed that in the last 48 hours, the Naira lost N104.76 against the dollar in the official foreign exchange market.
Similarly in the black market, the Naira slumped to N1,705 per dollar on Thursday, from the N1675 exchange rate recorded on Tuesday.
At the parallel market, the Naira crossed the N1,700 against the dollar mark for the first time in weeks.
The development comes as the latest 27.25 per cent interest hike by the Central Bank of Nigeria (CBN) impacts the country’s economy.