The naira weakened against the U.S. dollar on Wednesday across both the official and parallel foreign exchange markets, marking its first depreciation since last week.
Bureau De Change operators in Wuse Zone 2 reported that the naira slid to ₦1,620 per dollar at the parallel market, compared to the ₦1,610 rate recorded on Tuesday—reflecting a ₦10 drop in value within 24 hours.
At the official market, Central Bank of Nigeria (CBN) data showed a more modest decline, with the currency trading at ₦1,599.79 per dollar on Wednesday, slightly down from ₦1,598.95 the previous day. This indicates a marginal ₦0.80 depreciation on a day-to-day basis.
The downturn interrupts a two-day streak of gains for the naira, seen on Monday and Tuesday. The last time the currency fell at both the official and black markets was seven days ago, coinciding with an announcement by former U.S. President Donald Trump regarding a 90-day tariff pause, which had stirred temporary shifts in global currency trends.
