Naira Weakens Further Against Dollar Despite Increased FX Turnover

|By Adejumo Adekunle –

The naira depreciated further against the dollar on Wednesday, losing value at both the official and black markets. According to FMDQ data, the official exchange rate fell to ₦1,687.52 per dollar, marking an ₦8.59 decline from Tuesday’s ₦1,678.93. Similarly, the black-market rate dropped to ₦1,750 per dollar, down from ₦1,740 recorded the previous day.

This depreciation occurred despite a surge in foreign exchange transaction turnover, which rose to $173.29 million on Wednesday from $128.59 million the day before.

The naira’s performance has remained unstable in recent months, even with ongoing interventions by the Central Bank of Nigeria.