The naira fell in the official market on Tuesday to N1,584/$1, from the previous close of N1,579/$1.
This is the currency’s first fall since its upward movement which began last week, signifying a depreciation of N5/$1 within a single day of trading.
According to the data from the Nigerian Foreign Exchange Market (NFEM), the naira fluctuated between N1,581.92/$1 and N1,591/$1, indicating ongoing demand pressure in the foreign exchange market.
In the parallel market, the market also lost ground against the U.S. dollar, falling to N1,615/$1 from the previous close of N1,610/$1.
However, the naira performed well against other foreign currencies, appreciating against the British pound to N2,140/£1, from its previous rate of N2,145/£1.
Likewise, it gained 0.28% against the euro, closing at N1,785/€1 compared to the prior close of N1,790/€1.
The naira’s decline against the dollar, after a week of steady appreciation, highlights the dynamic nature of the foreign exchange market. While the currency experienced a period of strength, shifts in market sentiments influenced the currency’s trajectory.
