For the third straight day in 2025, the Naira fell against the dollar in the foreign exchange market.
Specifically, the Naira dipped to N1, 541.70 per dollar on Wednesday, from N1,537.03 traded on Tuesday, according to FMDQ data.
This indicated that the Naira dropped by N4.67 on the official market.
Meanwhile, in the black market, the Naira gained N5, closing at N1,660 on Wednesday from N1665 exchanged on Tuesday.
Since the week began on Monday, the Naira has continued to depreciate against the dollar in the official market. However, in the parallel market, the Naira had remained stable at N1,665 per dollar except on Wednesday.
Nigeria’s external reserves increased to $40.920 billion as of January 6, 2025.