Naira Slightly Weakens Against Dollar at Official Market

By Charles Maduka

The naira recorded a marginal decline against the dollar at the official foreign exchange market on Thursday.

According to data from the Central Bank of Nigeria, the exchange rate slipped to N1,584.95 per dollar, down from N1,584.49 on Wednesday, reflecting a day-on-day depreciation of N0.46.

In contrast, the black market rate remained unchanged. Traders sold the dollar at N1,625 on Thursday, maintaining the same rate as the previous day.

A Bureau de Change operator in Wuse Zone 4, Abuja, Abubakar Alhasan, confirmed the parallel market rates. “We buy at N1,615 per dollar and sell at N1,625,” he stated.

The slight weakening of the naira came despite the Central Bank Governor, Olayemi Cardoso’s assurances of efforts to stabilize the currency.

Market watchers continue to monitor the naira’s performance amid broader economic uncertainties.