The Nigerian naira experienced significant depreciation against the US dollar across both official and parallel foreign exchange markets on Wednesday.
According to the Central Bank of Nigeria’s exchange rate data, the naira fell to ₦1,500.8 per dollar on Wednesday, down from ₦1,498.98 on Tuesday.
This represents a weakening of ₦8.31 against the dollar compared to the previous day’s exchange rate.
In the parallel market, the naira also depreciated, slipping to ₦1,525 per dollar on Wednesday from ₦1,515 the previous day. Bureau de Change operators in Abuja reported buying dollars at ₦1,515 and selling between ₦1,520 and ₦1,525 on Wednesday.
This depreciation is the highest recorded in the past three days and comes as Nigeria’s external reserves dropped to $34.34 billion as of March 4, 2025, down from $34.41 billion on February 28, 2025.
The ongoing volatility in the foreign exchange market raises concerns about the sustainability of the naira’s stability and highlights the challenges faced by the Nigerian economy.
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