Naira Loses ₦27 in Two Days Despite $55.16bn External Reserves

The naira weakened by ₦27.12 against the dollar at Nigeria’s official foreign-exchange market within two days, despite external reserves standing at $55.16 billion. Central Bank of Nigeria data showed the official rate moved from ₦1,334.72 per dollar on Wednesday to ₦1,361.84 on Friday. This represents a 2.03 per cent loss. At the parallel market, the naira also fell by ₦5 to trade at about ₦1,375 per dollar. The continued decline comes even as Nigeria’s reserves remain above $55 billion, highlighting ongoing pressure on the currency.

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