- The naira has continued on its downward spiral against the dollar after it showed some signs of strength recently
- It exchanged for N800 per dollar on Thursday and later appreciated marginally at N790 towards the end of the trading day
- The external reserve dipped further to 37.17 billion as of November 15, 2022, from $37.18 billion recorded the previous day.
The exchange rate between the naira and the dollar widened after the Nigerian currency lost again on the parallel market on Thursday, November 17, 2022.
The naira crashed to N800 per dollar on the parallel market on Thursday, ending one week of gains it witnessed after the Central Bank of Nigeria pulled $1.8 billion in reserves to defend it.
Naira losses against the dollar at the parallel market
Credit: Maurice Green
Source: Getty Images
Naira flounders despite initial gains
The local currency was on a rebounding spree last week, gaining over 25 per cent against the dollar.
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