The naira weakens further in the black market on Wednesday, closing at N1,540/$1, down from its previous close of N1,535/$1.
Demand for the dollar continued to put pressure on the local currency, leading to fresh depreciation.
Against other major currencies, the naira also slipped, trading at N2,085/£1 compared to N2,075/£1 the previous day. It held steady at N2,110/£1 on the sell price side.
Against the euro, the naira dropped to N1,775/€1, from N1,770/€1, while the sell price rose to N1,795/€1 from N1,790/€1.
At the official market, the naira exchanged at N1,537/$1 during the day’s trading, compared to N1,535/$1 previously.
Data from the Nigerian Foreign Exchange Market (NFEM) showed the naira fluctuated between N1,534/$1 and N1,538.50/$1 on Wednesday.
The naira’s movement highlights persistent pressure in the foreign exchange market, with traders and analysts noting that the currency’s stability hinges on sustained reforms and improved dollar liquidity.
