The naira continued its downward trend on Thursday, closing at N1,520 per dollar in the official foreign exchange market, a 0.99% decline from N1,505/$1 on Wednesday.
With pressure increasing on local currency, the decline is a slight depreciation from N1,505/$1 recorded on Wednesday, as liquidity challenges continue.
In the parallel market, the naira weakened further, trading at N1,550/$1, a 2.31% decline from N1,515/$1 the previous day.
The gap between official and unofficial exchange rates shows the extent of supply-demand imbalances.
Data from the Nigerian Foreign Exchange Market (NAFEM) also revealed a 0.88% drop in the weekly exchange rate, with the dollar now quoted at N1,512.30/$1, compared to N1,498.98/$1 earlier in the week.
Intraday trading fluctuations saw the currency reaching a high of N1,520/$1 and a low of N1,505/$1 within the official window.
In addition, the naira struggled against other currencies, shedding 0.63% against the euro, slipping from ₦1,570/€1 on Wednesday to ₦1,580/€1. Similarly, it declined against the British pound, losing 0.53% to close at ₦1,870/£1, down from ₦1,860/£1.
The continued depreciation of the naira results from economic challenges, with analysts pointing to dollar shortages and speculative activities as drivers of market instability.
