The Nigerian naira weakened further against the United States dollar at the official foreign exchange market, extending its recent losing streak after depreciating by ₦3.32.
According to figures from the official market, the naira closed Wednesday’s trading session at ₦1,379.06 per dollar, compared to ₦1,375.74 recorded the previous trading day, representing a 0.24 per cent decline.
The latest depreciation follows Tuesday’s loss of ₦7.47, reversing the gains the local currency had recorded earlier in the week.
The naira had opened the trading week on a positive note, appreciating before coming under renewed pressure in subsequent trading sessions.
Market analysts attributed the latest movement to sustained demand for foreign exchange despite ongoing efforts by monetary authorities to stabilise the local currency.
The official exchange rate continues to be closely watched by investors, businesses and importers, as fluctuations in the value of the naira have significant implications for import costs, inflation and overall economic activity.
The Central Bank of Nigeria has maintained its commitment to exchange rate stability through market reforms and interventions aimed at improving liquidity and boosting confidence in the foreign exchange market.
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