The naira depreciated by 1.39% to ₦1,552.53/$1 on Thursday, down from ₦1,531.25/$1 on Wednesday.
Last week, the currency ended on a strong note, reversing losses recorded between Tuesday and Thursday. After the Eid-l-Fitr holiday, it resumed this course on Wednesday, appreciating by 0.36% from its previous close.
However, by Thursday, the naira had declined by 1.39%, following a familiar trend where it strengthens at the start of the trading week, weakens midweek, and then attempts a recovery by Friday.
Significant pressure during Wednesday’s trading session led to wide depreciation across the market.
In the parallel market, the naira depreciated by 0.32% to ₦1,550/$1, down from ₦1,545/$1. Against the British pound, it dropped by 0.76% to ₦1,995/£1 from ₦1,980/£1. It also weakened against the euro, falling 0.31% to ₦1,640/€1 from ₦1,630/€1.
The continued pressure on the naira emphasizes the need for sustained intervention by the Central Bank of Nigeria (CBN) to stabilise the currency against foreign counterparts.
