Official Market Performance
According to data from the Central Bank of Nigeria (CBN), the naira weakened to N1,543.91 per dollar on Wednesday, down from N1,536.15 on Tuesday. This represents a daily loss of N7.76 and marks the third consecutive day of decline this week.
Parallel Market Trends
In the black market, the naira also depreciated for the first time this week, falling from N1,580 per dollar on Monday to N1,585 per dollar on Wednesday.
The continued depreciation highlights ongoing challenges in Nigeria’s foreign exchange market, with the naira facing sustained pressure against the dollar.