JUST NOW! Naira Drops to N460 Against US Dollar

By our reporter

Naira has depreciated against the US dollar, as it dropped from N455/$1 to N460/$1 on Thursday.

Data from Everdon BDC stated that the Naira, which was reported on Wednesday that closed at N455, appreciated to N460 against the international legal tender.

A weaker naira makes imports more expensive and increases the cost of production for businesses, as many Nigerian businesses rely on imported raw materials which can result in cost-push inflation.

The naira also dropped against British pounds sterling as it stands at N548 to £ 1 from its previous close rate at N545 to £1, while the Euro selling at N480 to €1 from its previous close rate of N470 on Wednesday.

In addition, the central bank of Nigeria has now said it would resume sales of forex to BDC for onward sales to businesses and Nigerians looking to purchase for approved items.