The Nigerian naira experienced its steepest decline against the US dollar in both official and parallel foreign exchange markets on Wednesday, marking a significant drop in value.
According to data from the Central Bank of Nigeria (CBN), the naira fell to N1,500.8 per dollar on Wednesday, down from N1,498.98 on Tuesday. This represents a depreciation of N8.31 against the dollar within a single day.
Similarly, in the parallel market, the naira weakened further, trading at N1,525 per dollar on Wednesday compared to N1,515 the previous day. Alhasan Abubakar, a Bureau de Change operator at Wuse Zone 4 in Abuja, confirmed the rates, stating, “We buy dollars at N1,515 against the naira and sell between N1,520 and N1,525 on Wednesday.”
This depreciation marks the naira’s sharpest decline in the past three days, raising concerns about the stability of the local currency. The situation is further compounded by a decline in Nigeria’s external reserves, which dropped to 34.41 billion on February 28, 2025, according to CBN data.
DAILY MENTOR reports that the continued depreciation of the naira underscores the challenges facing Nigeria’s foreign exchange market, with experts calling for urgent measures to stabilize the currency and boost investor confidence.