Naira records first deprecation against dollar across black, official markets

The naira depreciated against the dollar at both parallel and official foreign exchange markets on Wednesday, for the first time since last week.

This comes as Bureau De Change Operators in Wuse Zone 2 confirmed to Media Talk Africa that the naira weakened to N1,620 per dollar on Wednesday from N1,610 traded on Tuesday.

This means that the naira depreciated by N10 on a day-to-day basis when compared to the N1,610 per dollar exchanged the previous day.

Similarly, the Nigeria’s currency dropped slightly to N 1,599.79 per dollar on Wednesday from N 1,598.95 traded on Tuesday, according to Central Bank of Nigeria official exchange rate data.

This showed that it weakened marginally by 0.80 on a day-to-day basis.

This comes as the naira, in two different scenarios on Monday and Tuesday, recorded appreciations against the dollar.

The last time it depreciated at both FX markets was seven days ago when United States of America President Donald Trump announced a 90-day tariff pause.