Korede Abdullah in Lagos
The Nigerian naira has continued its downward trend against the US dollar, depreciating for the third consecutive time at the foreign exchange market.
According to data from FMDQ, the naira dropped to N1,541.70 per dollar on Wednesday, down from N1,537.03 on Tuesday. This represents a decline of N4.67 on the official market.
In contrast, the naira gained N5 on the black market, closing at N1,660 on Wednesday, up from N1,665 on Tuesday.
Despite this slight gain, the naira has remained relatively stable in the parallel market since the start of the week. However, its performance on the official market has been less impressive, with a steady decline in value against the dollar.
Africa Health Report (AHR) learned that Nigeria’s external reserves have also increased to $40.920 billion as of January 6, 2025. This development comes as the country continues to grapple with currency fluctuations and economic challenges.
The naira’s depreciation may have implications for the country’s trade balance, inflation, and overall economic stability.
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