Naira Weakens Further at Official Market, Gains Slightly in Black Market

|By Adejumo Adekunle-

-Official Market Records Fresh Naira Drop Against Dollar
– Black Market Shows Slight Recovery Amid Ongoing Currency Volatility

Nigeria’s local currency, the naira, suffered another blow on Wednesday as it depreciated further against the dollar at the official foreign exchange market, according to fresh data from the Central Bank of Nigeria (CBN).

The CBN report showed that the naira fell to ₦1,549.21 per dollar on Wednesday, compared to ₦1,545.27 traded on Tuesday. This represents a ₦3.94 loss within 24 hours — a steeper slide than the ₦0.64 depreciation recorded the previous day.

The decline signals renewed pressure on the local currency, despite recent policy adjustments by monetary authorities aimed at stabilizing the exchange rate and improving liquidity in the forex market.

However, the situation appeared slightly better in the parallel (black) market, where the naira appreciated to ₦1,595 per dollar, compared to the ₦1,600 rate recorded on Tuesday. This marginal gain offers little relief amid growing concerns over Nigeria’s fragile economic recovery.

The continued volatility in the exchange market reflects the imbalance in dollar supply and demand, with analysts warning that unless bold fiscal and monetary steps are taken, the naira may remain under sustained pressure.