The Nigerian Naira recorded its sharpest depreciation against the US dollar on Wednesday, hitting ₦1,500.8/$1 in the official market, according to the Central Bank of Nigeria (CBN).
This represents a ₦8.31 drop from ₦1,498.98/$1 recorded on Tuesday, signaling increased pressure on the local currency.
Similarly, at the black market, it slipped to N1525 per dollar on Wednesday from N1,515 that was exchanged the previous day.
“We buy dollars at N1515 against naira and sell between N1520 and N1525 on Wednesday,” a Bureau de Change at Wuse Zone 4, Abuja, Alhasan Abubakar, told an online medium, Daily post.
Recall that the depreciation across FX is the highest in the past three days.
This comes as Nigeria’s external reserves dropped to $34.34 billion as of 4th March 2025 from $34.41 billion on February 28, 2025, according to the apex bank data..