Naira continues to depreciate against dollar at official market

Naira continues to depreciate against dollar at official market

The naira continued to depreciate against the dollar at the official foreign exchange market on Wednesday.

According to the Central Bank of Nigeria’s data, the naira weakened slightly to N 1,531 per dollar on Wednesday from N 1,529.22 exchanged on Tuesday

This means that the naira dropped by N1.78 against the dollar on a day-to-day basis, the highest depreciation this week.

Meanwhile, at the black market, it remained unchanged at N1,550 per dollar on Wednesday, the same rate exchanged on Tuesday.

This comes as CardinalStone’s mid-year outlook predicted that Nigeria’s external reserves are expected to rise to $41 billion by year-end.