The naira fell in the foreign exchange market on Thursday and closed at N1,610/$1, a slight drop from Wednesday’s close of N1,609/$1.
The naira has been on a persistent downward movement in the last one week, closing lower than the previous day’s rate consistently.
As the demand for foreign currencies mounted in the foreign exchange market, the naira rate continued to fall.
According to data from the Nigerian Foreign Exchange Market (NFEM), the naira depreciated to N1,609.64/$1 on Thursday, marking a slight decline from its previous day rate.
In addition to the naira depreciation in the official market, it also recorded a 0.31% drop in value in the parallel market to N1,625/$1.
Trading against the British pound, it fell to N2,140/£1 from its prior close of N2,135/£1. It declined against the euro to N1,800/€1, a 0.56% decline from the last close of N1,790/€1.
The weakening Nigerian currency poses challenges for businesses and consumers, increasing the cost of imports while amplifying inflationary pressures in the country.
