Naira Takes a Double Hit: Drops Against Dollar in Official and Black Markets

|By Adejumo Adekunle-

The naira has depreciated for the second time this week, losing value at both the official and parallel foreign exchange markets.

According to the Central Bank of Nigeria’s (CBN) Exchange Data, the naira fell to N1,545 per dollar on Wednesday, down from N1,525 the previous day—a loss of N20. In the black market, the decline was even steeper, closing at N1,710 per dollar on Wednesday compared to N1,660 the day before, marking a N50 drop in under 24 hours.

This marks the second dip in the naira’s value this week, the first occurring on Monday. The currency’s fluctuations coincide with the introduction of the Electronic Foreign Exchange Matching System (EFEMS) by the CBN, aimed at enhancing transparency in FX transactions.

Meanwhile, the CBN has denied allegations that it authorised the sale of $20,000 to Bureau De Change operators at a rate of N1,300 per dollar.