The naira recorded its third consecutive decline against the dollar in 2025 at the foreign exchange market.
According to data from FMDQ, the naira weakened to N1,541.70 per dollar on Wednesday, down from N1,537.03 traded on Tuesday. This represents a depreciation of N4.67 in the official market.
Conversely, the naira made gains in the black market, appreciating by N5 to close at N1,660 per dollar on Wednesday, compared to N1,665 on Tuesday.
Since Monday, the beginning of the week, the naira has steadily declined in value against the dollar in the official market. However, it had remained stable in the parallel market at N1,665 per dollar until Wednesday’s improvement.
Meanwhile, Nigeria’s external reserves experienced a boost, rising to $40.92 billion as of 6th January 2025.
