The naira has lost more ground against the US dollar at the official forex market, sliding to ₦1,531 per dollar from ₦1,529.22 the previous day, a ₦1.78 drop in just 24 hours.
This decline marks a continuation of the naira’s downward trend in the official market.
In contrast, the parallel market exchange rate held steady at ₦1,550 per dollar, unchanged from Tuesday’s rate, signaling a brief moment of calm in the typically volatile black market.
This fluctuation in the official rate comes as CardinalStone released its mid-year economic forecast, projecting that Nigeria’s external reserves could climb to $41 billion by the end of the year.
According to the report, this growth is expected to be driven by the Federal Government’s plans to secure external borrowings and potential inflows from portfolio investors.
The projected increase in external reserves could hint at a more stable macroeconomic outlook ahead, potentially supporting the naira’s value in the long term.
