Naira Drops Further, Hits N1,360 at Official Market as Reserves Top $50 Billion
By Aboki Forex —
The naira weakened again at the official foreign exchange market on Wednesday, sliding to N1,360.07 per dollar. Central Bank of Nigeria data shows the currency lost N2.89 in a single day.
On the parallel market, the naira also fell, dropping N5 to trade at N1,400 per dollar. That is down from N1,395 on Tuesday.
The decline comes even as Nigeria’s external reserves climbed to $50.89 billion on Tuesday. The reserves have been rising steadily in recent weeks, but the naira continues to face pressure across both the official and black markets.
On Monday, the naira had gained some ground, but the rally did not last. It reversed course on Tuesday and extended losses into Wednesday.