The naira depreciated against the dollar on both the official and black markets, marking the second decline this week.

According to the Central Bank of Nigeria’s Exchange Data, the naira fell to N1,545 on Wednesday, down from N1,525, reflecting a loss of N20 against the dollar.

In the black market, the naira also weakened, closing at N1,710 per dollar on Wednesday, compared to N1,660 the previous day. This represented a N50 loss against the dollar in under 24 hours.

This marks the second dip for the naira this week, the first occurring on Monday.

The recent fluctuations come amid the Central Bank of Nigeria’s introduction of the Electronic Foreign Exchange Matching System (EFEMS) to ensure more transparent FX transactions.

Additionally, the CBN has denied reports that it authorized the sale of $20,000 each to Bureau De Change operators at N1,300 per dollar.