Naira Records Sharpest Decline Against Dollar in Official and Black Markets
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Naira Records Sharpest Decline Against Dollar in Official and Black Markets |
The Nigerian naira experienced its steepest depreciation against the US dollar in both official and parallel foreign exchange markets on Wednesday.
According to data from the Central Bank of Nigeria (CBN), the naira fell to N1,500.8 per dollar on Wednesday, down from N1,498.98 on Tuesday. This represents a decline of N8.31 against the dollar within a single day.
Similarly, in the black market, the naira weakened further, trading at N1,525 per dollar on Wednesday compared to N1,515 the previous day.
A Bureau de Change operator at Wuse Zone 4 in Abuja, Alhasan Abubakar, confirmed the trend, stating, “We buy dollars at N1,515 and sell between N1,520 and N1,525 on Wednesday.”
This depreciation marks the naira’s sharpest decline in the past three days, reflecting ongoing volatility in the foreign exchange market.
The decline coincides with a drop in Nigeria’s external reserves, which fell to $34.34 billion as of March 4, 2025, down from $34.41 billion on February 28, 2025, according to the latest data from the CBN.
The continued depreciation of the naira highlights the challenges facing Nigeria’s foreign exchange market, as stakeholders monitor the situation closely for signs of stabilization.
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