The currency also depreciated in the parallel market, closing at N1,575/$1, a 0.35% drop from Monday’s rate of N1,570/$1. This is a 4.65% week-on-week decline in naira value against the US Dollar.

Within the official market, the naira traded at an intraday high of N1,540/$1 and a low of N1,520/$1, showing the rate of volatility as forex demand increases.

Added to this, the naira also weakened against other major currencies. The euro traded at N1,635/€1, down 0.93% from N1,620/€1 on Monday, while the British pound appreciated by 0.50%, rising to N1,980/£1 from N1,970/£1.

The naira’s continued depreciation is a growing concern for market players and stakeholders. Businesses and investors are monitoring the developments as Nigeria seeks to overcome forex challenges.