Naira depreciates further, exchanges at N1,510/$

The depreciation of the Naira continued yesterday as the local currency exchanges at N1, 510.10 to one US Dollar at the official rate, Daily Trust can report.

The dollar which closed at N1,507  on Wednesday gained three naira at the close of business on Thursday according to the Nigerian Autonomous Foreign Exchange Market (NAFEM) updated daily by the FMDQ Group.

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The depreciation has continued despite interventions by the Central Bank of Nigeria (CBN) and various policy decisions aimed at stabilising the foreign exchange market.

The rise in the rate of exchange since the unification policy of the CBN has resorted in the rise in inflation and worsened the cost of living.