Business

Fitch Ratings says the naira will continue to weaken

Credit ratings and research firm, Fitch Ratings Inc., has said the naira will continue to depreciate against the dollar as the increasing disparity between the official and parallel exchange rates of the Nigerian naira suggests that the government is struggling to stabilize the currency,


According to the Nairametrics exchange rate tracker, the naira currently hovers around N1000 to the dollar as of Wednesday.


In contrast, the official exchange rate on the FMDQ, a Lagos-based currency trading platform, stood at 745.19 naira per dollar, representing a 26% difference.