Nigeria's naira hit its steepest slide in a fortnight against the dollar on Wednesday. Data from the Central Bank showed the currency weakening sharply at the official market.
One dollar exchanged for N1,380.08 yesterday, compared to N1,370.64 the previous day. That's a loss of N9.44 in just 24 hours.
Bureaus de change reported a different picture at the parallel market. They quoted the dollar at N1,400 per naira, holding steady since Tuesday.
The currency's continued decline marks the second consecutive trading day of depreciation. Analysts have been tracking this downward trend closely.
Yet there's some encouraging news on the reserves front. Official figures show Nigeria's external reserves climbed to $51.17 billion as of June 23.
Experts say the rising reserves could eventually support the naira's recovery. For now, traders remain cautious about the currency's near-term direction.
