The naira continued to depreciate against the dollar at the official foreign exchange market on Wednesday.
According to the Central Bank of Nigeria’s data, the naira weakened slightly to N 1,531 per dollar on Wednesday from N 1,529.22 exchanged on Tuesday.
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This means that the naira dropped by N1.78 against the dollar on a day-to-day basis, the highest depreciation this week.
Meanwhile, at the black market, it remained unchanged at N1,550 per dollar on Wednesday, the same rate exchanged on Tuesday.
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This comes as CardinalStone’s mid-year outlook predicted that Nigeria’s external reserves are expected to rise to $41 billion by year-end.
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