The naira continued its downward trend on Wednesday, closing at N1,505 per dollar in the official foreign exchange market.
With pressure increasing on local currency, the decline is a slight depreciation from N1,502/$1 recorded on Tuesday, as liquidity challenges continue.
In the parallel market, the naira weakened further, trading at N1,515/$1, a 0.66% decline from N1,505/$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 0.13% drop in the weekly exchange rate, with the dollar now quoted at N1,500.80/$1, compared to N1,498.98/$1 earlier in the week.
Intraday trading fluctuations saw the currency reaching a high of N1,505/$1 and a low of N1,497/$1 within the official window.
Currency movements against other foreign denominations were mixed. The naira lost 1.61% against the euro, slipping from ₦1,540/€1 on Tuesday to ₦1,570/€1. However, it recorded gains against the British pound, strengthening 1.58% to close at ₦1,860/£1, up from ₦1,890/£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.
