Nigeria’s naira continued its depreciation streak against the dollar at the official foreign exchange market on Wednesday for the third straight time this week.
The Central Bank of Nigeria’s exchange data disclosed that
the naira dropped again to N1,535.61 per dollar on Wednesday from N1,535.24
traded on Tuesday.
This means that the marginal weakening to 0.37 against the
dollar on a day-to-day basis.
From Monday to Wednesday this week, the naira has shed N3.07
against the dollar at the official exchange market.
Meanwhile, at the black market, the naira remained stable at
N1,540 per dollar on Wednesday, the same rate as the previous day for the
majority of Bureau De Change Operators in Wuse Zone 4, Abuja.
This comes as the Central Bank of Nigeria Governor, Olayemi
Cardoso, in his communique after the 301st Monetary Policy Committee held this
week, said the country’s external reserves stood at $40.1 billion as of July
18, 2025.
However, checks on CBN’s website by DAILY POST on Thursday
showed that Nigeria’s external reserves had dropped to $38.37 billion as of
July 22, 2025.
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