The naira weakened further against the dollar at the official foreign exchange market on Wednesday. According to data from the Central Bank of Nigeria, the currency slipped to N1,379.07 per dollar, compared with N1,375.75 recorded the previous day.
This represents a one-day depreciation of N3.32 against the greenback. The decline reflects continued pressure on Nigeria's currency despite strengthening external reserves.
The black market told a different story, with the naira holding steady at N1,415 per dollar on Wednesday, unchanged from Tuesday's closing rate. The divergence between the two markets suggests uneven demand for foreign currency.
Nigeria's external reserves climbed to $51.64 billion, the central bank confirmed. The reserve position has continued to grow despite the currency's weakness at the official window.
The naira's depreciation streak extended into a second day, having also lost ground across both markets on Tuesday. Currency analysts are monitoring whether the trend will accelerate or stabilize in coming sessions.
