The Naira has resumed its downward trend against the dollar in the foreign exchange market.
According to FMDQ data, the Naira fell to N1533.99 per dollar on Thursday, compared to N1459.02 on Wednesday, marking a significant drop of N73.98 in a single day.
Likewise, in the parallel market, the Naira depreciated to N1555 per dollar from N1515 on Wednesday.
In response to the country’s forex challenges, the Central Bank of Nigeria has taken steps to address the issue by granting Approval-in-Principle (AIP) to 14 new International Money Transfer Operators (IMTOs). This move aims to boost foreign currency remittance inflows through formal channels.