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Naira Continues to Depreciate Against Dollar at Official Market
Posted by Thandiubani on Thu 10th Jul, 2025 - tori.ngThis means that the naira dropped by N1.78 against the dollar on a day-to-day basis, the highest depreciation this week.
The naira again has depreciated against the dollar at the official foreign exchange market on Wednesday.
This is according to data released by the Central Bank of Nigeria.
The data showed that the naira weakened slightly to N 1,531 per dollar on Wednesday from N 1,529.22 exchanged on Tuesday.
This means that the naira dropped by N1.78 against the dollar on a day-to-day basis, the highest depreciation this week.
Meanwhile, at the black market, it remained unchanged at N1,550 per dollar on Wednesday, the same rate exchanged on Tuesday.
This comes as CardinalStone’s mid-year outlook predicted that Nigeria’s external reserves are expected to rise to $41 billion by year-end.
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