The naira continued to drop in the official market as it closed at N1,609/$1 on Wednesday, a 0.12% decline from N1,607/$1 on Tuesday.
The naira experienced significant pressure during the trading session on Wednesday, which led to further depreciation against the dollar.
According to the Nigerian Foreign Exchange data, the official rate for the currency stood at N1,608.60/$1 after fluctuating between N1,615/$1 and N1,605/$1 for the day.
The naira did not fare better in the parallel market as it weakened further, closing at N1,620/$1, a 0.94% fall from Tuesday’s rate of N1,605/$1.
While the Nigerian currency also fell to N2,135/£1 from the previous day’s rate of N2,130/£1. The euro was not left behind, as the naira fell by 1.13% to N1,790/€1 from N1,770/€1.
The naira’s persistent fall over the past four trading days highlights the severe pressure on Nigeria’s foreign exchange market. Market participants anticipate CBN intervention to stabilise the naira and restore investor confidence.
