Naira records highest depreciation against dollar at black market

The naira recorded the highest depreciation against the dollar at the parallel foreign exchange market on Wednesday.

A Bureau de Change operator in Wuse Zone 4, Abuja, Abubakar Alhasan, confirmed to Media Talk Africa that the FX rate weakened to N1625 per dollar on Wednesday from N1610 traded on Tuesday.

“We buy at N1618 per dollar and sell at N1625 per dollar on Wednesday,” he said.

This showed that the naira dropped by N15, the highest depreciation against the dollar since this week began.

Similarly, at the official market, the naira dropped further to N1,608.60 on Wednesday from N1,605.62 exchanged the previous day.

Media Talk Africa reports that the naira has continued to depreciate against the dollar at the official market in the past three days.