Nigeria’s naira returned to a weaker trajectory against the US dollar on Wednesday in both the official and parallel foreign-exchange markets, after posting an improvement a day earlier.
Central Bank of Nigeria figures showed the official exchange rate closing at N1,331.77 per dollar, compared with N1,330.87 previously. The movement represents a day-on-day loss of N0.90 for the naira.
Rates also deteriorated in the informal market. In Wuse Zone 4, Abuja, Bureau de Change dealer Abubakar Bengazzir quoted the dollar at N1,383 on Wednesday, up from N1,370 on Monday.
The renewed pressure on the local currency came while Nigeria’s external reserves remained unchanged at $54.98318 billion as of October 6, matching the level recorded the preceding day. The naira had weakened on Monday before recovering against the dollar on Tuesday.
