The naira recorded significant depreciation against the dollar at the official foreign exchange market on Wednesday, following the resumption of trading after Tuesday’s public holiday to honour late ex-president Muhammadu Buhari.
This comes as the naira weakened to N1,530.25 per dollar on Wednesday from N1,518.89 traded on Monday, according to the Central Bank of Nigeria’s exchange rate data.
Accordingly, this means that the naira dropped significantly, N11.36, against the dollar when compared to the N1,518.89 per dollar traded on Monday.
Meanwhile, at the black market, the naira remained flat at N1,550 against the dollar, the same exchange rate traded before Tuesday’s public holiday.
The development comes as the National Bureau of Statistics on Wednesday announced that
Recall that on Monday, the naira appreciated massively against the dollar to kick off the week on a good note.
