Naira Extends its Decline Across the Board

The Naira declined further against other global currencies at the black market on Thursday, according to various currency traders.

The local currency extended its decline against the United States Dollar on Thursday after depreciating to ₦466, down from ₦463 it was exchanged last week.

Against the British Pound, the Naira declined by ₦4 from ₦596 it was sold on Tuesday to ₦600.

The story is not different against the European common currency as the Naira depreciated by ₦2 from ₦543 on Tuesday to ₦545 on Thursday morning.

However, the local currency remained stable against the Chinese Yuan at ₦60 exchange rate.

Against digital assets, the Naira lost 2.94 percent against Bitcoin to ₦7,588,296 while against Ethereum, the second most capitalised cryptocurrency, the Naira depreciated by 1.38 percent to ₦178,039 per ETH.

The Naira, however, appreciated slightly against Ripple, gaining 1.22 percent to ₦97.28.