Naira depreciates to N365.25/$

  |   Nigeria News

Naira, yesterday, suffered its most steep depreciation in the inter-bank market since the new foreign exchange market commenced, trading at N365.25 per dollar against N314.14, almost 14 per cent drop in one day.

The steepest single day depreciation before yesterday was recorded shortly after the dropping of Central Bank of Nigeria's remote rate control which spiked the exchange rate from N281.8 to about N305.5 last month, just 8.4 percent depreciation.

The development is coming against the backdrop of continued pressure on external reserves which has steadily declined by 2.11 per cent since last month, hitting $25.8 billion mid this week, while traders and foreign investors have expressed fears that the depletion was piling pressure on the exchange rate.

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