The Naira experienced its steepest decline against the U.S. dollar across both official and parallel foreign exchange markets on Wednesday.
According to data from the Central Bank of Nigeria, the Nigerian currency depreciated to N1,500.8 per dollar, down from N1,498.98 recorded on Tuesday. This reflects a drop of N8.31 in value within a day.
In the parallel market, the currency also weakened, slipping to N1,525 per dollar on Wednesday compared to the N1,515 rate observed 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, confirmed. The depreciation across FX is the highest in the past three days.
This decline coincides with a drop in Nigeria’s external reserves, which fell to $34.34 billion as of March 4, 2025, down from $34.41 billion on February 28, 2025, according to data from the Central Bank of Nigeria.
