Naira Depreciates at Official Market After Two Days of Gains
By Aboki Forex —
The naira recorded its first depreciation this week at the official foreign exchange market, falling to N1,329.21 per dollar on Wednesday from N1,320.25 on Tuesday. Central Bank of Nigeria data confirmed the N8.96 drop, reversing two consecutive days of appreciation.
Official market reverses
Wednesday’s decline ended a short winning run for the naira. On Monday and Tuesday, the currency had gained against the dollar at the official window. The N8.96 loss marks the first weakening in the current trading week.
Black market steady, reserves climb
At the black market, the naira remained flat at N1,390 per dollar on Wednesday, unchanged from Tuesday. The stability came as Nigeria’s external reserves surged further to $54.28 billion on Tuesday.
With official and parallel market rates still far apart, traders will keep watching the Central Bank’s next moves. The latest figures leave the naira’s direction under close scrutiny for the rest of the week.