The Naira weakened against the U.S. dollar on Wednesday across both the official and parallel foreign exchange markets. This marks its first depreciation since last week.
Bureau De Change operators in Wuse Zone 2 reported that the naira dropped to ₦1,620 per dollar at the parallel market. This is a ₦10 decline from Tuesday’s rate of ₦1,610 per dollar.
At the official market, the Central Bank of Nigeria (CBN) recorded a smaller drop. The Naira traded at ₦1,599.79 per dollar on Wednesday, down from ₦1,598.95 the day before. This shows a minor ₦0.80 depreciation.
The decline comes after two days of gains for the Naira, seen on Monday and Tuesday.
The last time the currency dropped at both the official and parallel markets was a week ago. That dip followed an announcement by former U.S. President Donald Trump on a 90-day tariff pause.
His statement briefly impacted global currency trends, including Nigeria’s exchange rates.
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