Naira records highest depreciation against dollar across official, black markets

Naira records highest depreciation against dollar across official, black markets

The Nigerian naira recorded the highest depreciation against the dollar across official and parallel foreign exchange markets on Wednesday.This comes as the Central Bank of Nigeria’s exchange rate data showed that the Naira fell to N1,500.8 per dollar on Wednesday from N1,498.98 traded on Tuesday.The development means that the Naira weakened by N8.31 against the dollar compared to the N1,498.98 exchange rate on Tuesday.Similarly, at the black market, it slipped to N1525 per dollar on Wednesday from N1,515 that was exchanged the previous day.“We buy dollars at N1515 against naira and sell between N1520 and N1525 on Wednesday,” a Bureau de Change at Wuse Zone 4, Abuja, Alhasan Abubakar, said.The depreciation across FX is the highest in the past three days.This comes as Nigeria’s external reserves dropped to $34.34 billion as of 4th March 2025 from $34.41 billion on February 28, 2025, according to the apex bank data.

Source: Naira records highest depreciation against dollar across official, black markets

 - NigerianEye

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