The Naira extended its depreciation against the dollar on Wednesday at the official foreign exchange market.
Central Bank of Nigeria’s data showed that the Naira dropped to N1,379.07 per dollar on Wednesday, down from N1,375.75 traded on Tuesday.
This means that on a day-to-day basis, the Nigerian currency declined by N3.32 against the dollar.
Meanwhile, at the black market, the Naira remained flat on Wednesday at N1415 per dollar, the same rate exchanged on Tuesday.
The mixed reaction across both exchange markets comes as the country’s external reserves surged further to $51.64 billion, according to the apex bank data.
Recall that that the. Naira depreciated against the dollar across black and foreign exchange markets on Tuesday.