The naira has experienced another sharp depreciation against the dollar this week, marking the second decline since Monday. Both the official and parallel foreign exchange markets recorded significant losses, reflecting ongoing volatility in Nigeria’s currency.

According to data from the Central Bank of Nigeria (CBN), the naira fell to N1,545 per dollar at the official exchange rate on Wednesday, a decline from the N1,525 recorded the previous day, representing a N20 drop.

In the parallel market, the naira suffered an even steeper loss, closing at N1,710 per dollar on Wednesday compared to N1,660 the previous day. This amounts to a N50 decline in less than 24 hours.

These losses come amid the CBN’s implementation of the Electronic Foreign Exchange Matching System (EFEMS), aimed at ensuring transparency in foreign exchange transactions. The fluctuations highlight the challenges facing Nigeria’s forex market despite ongoing regulatory reforms.

The CBN has also refuted claims that it authorized Bureau De Change operators to sell $20,000 each at a rate of N1,300 per dollar, dismissing such reports as baseless.

This marks the second depreciation of the naira this week, underscoring persistent pressures on the Nigerian currency. Analysts are closely watching for the effects of EFEMS on market stability and the broader economy as the CBN continues to navigate currency reforms.