Nigeria's currency weakened further against the dollar on Wednesday at the official market. Central Bank data showed the Naira hitting N1,360.07 per dollar.
Just the day before, it traded at N1,357.18. That's a single-day loss of N2.89 per dollar.
On the parallel market, conditions were worse. The black market rate jumped to N1,400 per dollar from N1,395 on Tuesday.
Underground traders saw a N5 drop in value overnight. It's a sharp contrast to Monday's modest gains.
Yet foreign reserves tell a different story. CBN figures show reserves climbed to $50.89 billion as of Tuesday.
Naira had bounced back on Monday before sliding again. Wednesday's decline signals continued pressure on the local unit.
