This marks six consecutive days of decline without a comeback, drawing attention to the unpleasant impact on businesses and consumers.

In the parallel market, the naira traded at N1,580/$1, down 0.35% from N1,575/$1 the previous day. This increased the gap between the official and parallel markets to N42 per dollar.

Data from the Central Bank of Nigeria (CBN) showed that the naira traded between N1,532 and N1,550 per dollar during the day, reflecting an N18/$1 spread.

The naira also lost value against other currencies in the parallel market. It fell to N1,985 per British pound, a 0.25% decline from Tuesday’s N1,980/£1. Against the euro, it dropped by 0.91%, trading at N1,650/€1 compared to N1,635/€1 the day before.

Though the Central Bank of Nigeria (CBN) has been taking various measures to stabilise the currency, the naira is still pulled back by pressure from foreign exchange demands.

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