Naira Sees First Drop Against Dollar in Black Market

The naira experienced its first decline in the parallel foreign exchange market on Wednesday after holding steady since the start of the week.

A Bureau de Change operator in Wuse Zone 4, Abuja, reported that the naira weakened to N1,490 per dollar on Wednesday, down from N1,485 the previous day, marking a loss of N10.

In the official market, the naira was valued at N1,495.91 per dollar on Tuesday, though the Central Bank of Nigeria had yet to release FX data for Wednesday.

Earlier in the week, the naira had maintained its upward momentum against the dollar on both Monday and Tuesday across foreign exchange markets.