The naira experienced pressure across the foreign exchange (FX) market on Wednesday due to increased demand for the dollar by end users.
At the parallel (black) market, the naira closed at ₦1,525 per dollar, marking a 2.6% drop (₦40 loss) from its strongest level of ₦1,485/$ on February 25, 2025. Compared to Tuesday’s rate of ₦1,510/$, the currency further declined by ₦15 (0.98%).
In the official FX market, the naira also depreciated as the dollar was quoted at ₦1,500.80, reflecting a ₦9.13 (0.6%) loss from the previous close of ₦1,491.67, according to FMDQ Securities Exchange Limited.
Data from the Central Bank of Nigeria (CBN) showed a slight depreciation as the naira fell to ₦1,505 per dollar on Wednesday from ₦1,502/$ on Tuesday.
Currency dealers reported the highest dollar rate at ₦1,505/$ on Wednesday, compared to ₦1,503/$ on Tuesday, while the lowest rate recorded was ₦1,497.10/$, down from ₦1,490/$ the previous day.
The forex market remains volatile as demand for the dollar continues to rise.
