The naira lost more ground against the U.S. dollar at the official forex market on Wednesday, continuing its downward slide.
Figures released by the Central Bank of Nigeria showed the local currency slipping to ₦1,531 per dollar, compared to ₦1,529.22 the previous day. That’s a ₦1.78 drop in just 24 hours — the sharpest daily decline so far this week.
Over in the parallel market, however, the exchange rate held steady. The naira traded at ₦1,550 per dollar, unchanged from Tuesday’s rate, signalling a brief moment of calm in the typically volatile black market.
This fluctuation in the official rate comes just as CardinalStone released its mid-year economic forecast, projecting that Nigeria’s external reserves could climb to $41 billion by the end of the year, hinting at a more stable macroeconomic outlook ahead.
