The naira continued to depreciate against the dollar at the official foreign exchange market on Wednesday.

According to the Central Bank of Nigeria’s data, 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, on Wednesday, the same rate exchanged on Tuesday.

This comes as CardinalStone’s mid-year outlook predicted that to $41 billion by year-end.