The naira has continued to depreciate in the foreign exchange market as it closed at N1,607/$ in the official market on Tuesday, a mild drop from Monday’s close of N1,606/$1.
Tuesday’s decline marks its third consecutive day of losses after maintaining stability for a week. The weakening trend began last Friday, reversing the currency’s earlier improvement.
According to data from the Nigerian Foreign Exchange Market (NFEM), the naira traded from as high as N1,609.50/$1 to as low as N1,603/$1 before the final rate of N1,606.64/$1.
In the parallel market, there was a depreciation across foreign currencies, falling by 0.94% to N1,605/$1, from N1,590/$1 the previous day.
Following this same trend, the Nigerian currency weakened further against the British pound as it closed at N2,130/£1, a drop from its prior close of N2,100/£1.
However, the naira appreciated against the euro, trading at N1,770/€1, a 0.28% appreciation from Monday’s close of N1,775/€1.
Market participants and financial market observers anticipate possible interventions from the Central Bank of Nigeria to curb further depreciation.
