The naira lost its ground against the dollar in the official market, depreciating by 0.32% to N1,532.93/$1 on Tuesday, down from N1,528.03 the previous day.
Data from the Nigerian Foreign Exchange Market (NAFEM) showed the currency fluctuating between N1,549.50/$1 and N1,539/$1 during the trading session.
Despite interventions from the Central Bank of Nigeria (CBN), demand pressure continued, pushing the naira lower.
In the parallel market, the currency also lost value, sliping 0.31% to N1,580/$1 from N1,575/$1 on Monday. Trading against the British pound, the naira crossed the N2,000 mark, trading at N2,010/£1, a 0.5% decline from the previous day’s N2,000/£1.
The naira’s worth did not improve against the euro either. Instead, the local currency fell 0.60% to N1,670/€1, compared to N1,660/€1 on Monday.
Despite CBN’s interventions, the naira shows little sign of stabilising. Nonetheless, Analysts expect the CBN to continue maintaining support for the Nigerian currency, not giving in to foreign exchange challenges.
