Business
Naira Continues Depreciation Across Official, Black Markets
The naira continued its depreciation against the dollar across official and parallel foreign exchange markets on Wednesday.
According to the Central Bank of Nigeria, FX data showed that the naira weakened further to N1,543.91 per dollar on Wednesday from N1,536.15 exchanged on Tuesday.
This indicates that the naira fell by N7.76 per dollar on a day-to-day basis compared to N1,536.15 traded the previous day.
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Wednesday’s depreciation marked the third consecutive time the naira has dropped against the dollar this week.
Similarly, in the black market, the naira depreciated for the first time this week, falling from N1,580 per dollar on Monday to N1,585 per dollar on Wednesday.
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