Nigeria’s forex, the naira, recorded its highest depreciation towards the greenback on the official overseas change market on Wednesday as President Bola Ahmed Tinubu marked his second anniversary.
Central Financial institution of Nigeria change fee knowledge confirmed that the naira weakened additional to N1,590.74 on Wednesday from N1,583.73 traded on Tuesday.
Because of this the naira dipped by N7.01 on a day-to-day foundation, the best depreciation since Might twenty sixth, 2025.
Equally, on the black market, the naira dropped by N3 to N1620 per greenback on Wednesday from N1617.
DAILY POST reported on Tuesday that the naira additionally depreciated throughout overseas change markets.
In June 2023, Tinubu’s administration floated the naira on the FX market, leading to depreciation of the nation’s forex from a mean of N460 per greenback to N1,590.74 on Wednesday, twenty eighth Might 2025.