The naira recorded its first depreciation on Wednesday at the official foreign exchange market.
Central Bank of Nigeria data showed that the naira weakened for the first time this week, falling to N1,329.21 per dollar on Wednesday from N1,320.25 on Tuesday.
This means that the naira dropped by N8.96 on Wednesday after recording two consecutive days of gains at the official foreign exchange market.
Meanwhile, at the black market, the naira remained flat at N1,490 per dollar on Wednesday, the same rate recorded on Tuesday.
The development comes as the country’s external reserves surged further to $54.28 billion on Tuesday.
Recall that on Monday and Tuesday, the naira appreciated against the dollar at the official foreign exchange market.