Naira records mixed sentiments against US dollar across official, black markets

The Naira recorded mixed sentiments against the dollar on Wednesday at the foreign exchange markets.

The Central Bank of Nigeria data showed that the Naira depreciated to N1,338.11 on Wednesday, down from N1,335.96 on Tuesday.

This means that at the official market, the Naira dropped by N2.15 on a day-to-day basis.

However, at the black market, the Naira appreciated significantly by N20 to close at N1,470 per dollar on Wednesday, up from N1,490.

A Bureau De Change operator in Wuse Zone 4, Abubakar Bagazzi, attributed the strengthening of the naira at the parallel market to a drop in demand.

This comes as the country’s foreign reserves grew further to $48.50 billion on 17th February, up from $48.37 billion the previous day.