The naira experienced a decline against the dollar in both the official and parallel foreign exchange markets at the close of trading on Wednesday, coinciding with a rise in inflation in Nigeria.
According to data from FMDQ, the naira weakened further to N1,551.10 per dollar on Wednesday, down from N1,549.65. This represents a loss of N1.45 for the currency.
In the black market, the naira also depreciated, falling by N7 to close at N1,667 per dollar, compared to the previous day’s rate of N1,660.
Media Talk Africa reported that the naira’s performance in both foreign exchange markets on Wednesday was a decline, contrasting with the mixed results observed on Tuesday.
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