Naira weakens to N1,344.40/$ at official market, N1,377 at black market

The naira depreciated against the dollar on Thursday in the official foreign exchange market. CBN data showed the official rate fell to N1,344.40 per dollar from N1,334.72 on Wednesday, a day-on-day loss of N9.68 and the highest depreciation this week.

At the black market, the naira traded at N1,377 per dollar on Thursday, weaker than N1,375 on Wednesday.

Official market

The Central Bank of Nigeria data put the naira at N1,344.40 per dollar on Thursday. That compared with N1,334.72 recorded on Wednesday. The N9.68 drop marked the naira's highest depreciation this week.

Black market

The parallel market rate moved to N1,377 per dollar on Thursday. It was N1,375 on Wednesday, according to the market rate.

Foreign reserves

The country's foreign reserves stood at $55.15 billion, according to the latest foreign exchange data from the apex bank.

The naira had depreciated against the dollar on Wednesday after a slight appreciation on Tuesday.

For Nigerians and businesses, a weaker naira raises the cost of imported goods and dollar-denominated obligations. It also keeps pressure on dollar demand across official and parallel markets.