Business
Naira Weakens Further Against Dollar at Official Market
The naira continued its downward trend against the US dollar at the official foreign exchange market on Wednesday. Data from the Central Bank of Nigeria showed the local currency slipped to N1,531 per dollar, compared to N1,529.22 recorded on Tuesday. This marks a day-on-day depreciation of N1.78, the steepest drop so far this week.
In contrast, the exchange rate in the parallel market remained stable, holding at N1,550 per dollar for the second consecutive day.
This development follows a recent mid-year outlook by investment firm CardinalStone, which projected Nigeria’s external reserves to rise to $41 billion by the end of 2025.
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