The naira weakened in the official market on Wednesday, closing at N1,549/$1, a 0.32% decline from its previous rate of N1,545/$1.
Data from the Nigerian Foreign Exchange Market (NFEM) showed the naira fluctuated between N1,547.50/$1 and N1,551/$1 during the day’s trading session.
The decline breaks the currency’s brief run of stability earlier in the month, showing shifting market dynamics amid demand pressures for foreign currencies.
In the parallel market, the naira’s performance was mixed.
It maintained its rate against the dollar, closing at N1,595/$1, but slipped against the British pound, falling to N2,140/£1 from N2,135/£1.
The naira, however, appreciated against the euro, strengthening to N1,770/€1, from N1,775/€1.
The currency’s performance this week has been turbulent, swinging between stability and fresh decline. Consistent efforts from the Central Bank of Nigeria (CBN) will be pivotal in stabilizing the currency.
