Naira Falls Against Dollar In Official And Black Markets

The naira experienced a further decline in value against the dollar in both the official and black-market foreign exchange sectors on Wednesday.

According to data from FMDQ, the currency fell to N1,687.52 per dollar, a drop from the N1,678.93 rate recorded on Tuesday. This reflects a loss of N8.59 compared to the previous day’s exchange rate in the official market.

Similarly, in the parallel market, the naira weakened further, reaching N1,750 per dollar on Wednesday, down from the N1,740 rate traded a day earlier.

Despite the depreciation, FX transaction turnover rose significantly, climbing to $173.29 million on Wednesday from $128.59 million on Tuesday.

Over recent months, the naira has shown continued instability against the dollar, despite efforts by the Central Bank of Nigeria to stabilize the currency.

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