The Nigerian naira has continued its downward trend against the US dollar across both official and parallel foreign exchange markets as of Wednesday, March 12, 2025.
This marks the third consecutive day of depreciation this week.
Key Details:
- Official Market: The naira weakened further to ₦1,543.91 per dollar, compared to ₦1,536.15 traded on Tuesday. This represents a daily decline of ₦7.76.
- Parallel Market: In the black market, the naira also depreciated, trading at ₦1,585 per dollar on Wednesday, down from ₦1,580 on Monday.
- Broader Impact: The depreciation has raised concerns about the stability of the naira, with analysts attributing the trend to increased demand for foreign currency and limited supply.
This ongoing depreciation highlights the challenges facing Nigeria’s foreign exchange market and its broader economic implications.
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