The naira has once again depreciated against the dollar, marking its second drop in value since the beginning of the week.
According to data from the Central Bank of Nigeria (CBN), the naira fell to N1,545 per dollar on Wednesday, down from N1,525, reflecting a loss of N20.
In the parallel market, the naira also experienced a significant decline, closing at N1,710 per dollar on Wednesday, compared to N1,660 the previous day, resulting in a N50 loss in under 24 hours.
This depreciation follows a similar dip on Monday, making it the second drop in the past few days.
The fluctuations in the naira’s value come amidst the Central Bank’s introduction of the Electronic Foreign Exchange Matching System (EFEMS) for more transparent foreign exchange transactions.