Naira Falls to Record Low Against US Dollar in Official Market

The Nigerian Naira lost ground against the US Dollar in the official market, falling to N1,375/$1 on Wednesday. This marks a decline of N2.28 or 0.17 percent from the previous day's rate of N1,362.55/$1.

In contrast, at the parallel market, the naira traded flat against the greenback at N1,400/$1.

The Central Bank of Nigeria (CBN) has attributed the narrowing of rates between the official and parallel markets to its ongoing monetary and foreign exchange reforms. According to CBN Governor Yemi Cardoso's representative, Mrs Hakama Sidi-Ali, rates have narrowed to below two percent.

Meanwhile, major cryptocurrencies such as Ripple (XRP), Binance Coin (BNB), Cardano (ADA), TRON (TRX), and Solana (SOL) declined in value against the US Dollar, while Ethereum (ETH) gained 2.3 percent.