Naira weakened further at the official foreign exchange market, depreciating by N3.32 to close at N1,379.06 against the U.S. dollar, extending losses recorded earlier in the week.
The Naira extended its decline against the United States dollar on Wednesday, depreciating by N3.32 at the official foreign exchange market.
Data published on the website of the Central Bank of Nigeria (CBN) showed that the local currency closed at N1,379.06 per dollar, compared with N1,375.74 recorded on Tuesday.
The latest movement represents a 0.24 per cent depreciation, extending the losses recorded at the start of the week.
The Naira had begun the trading week on Monday with an appreciation of N1.92 at the official market before reversing course on Tuesday, when it lost N7.47 against the dollar.
Wednesday’s decline marks the second consecutive day of losses for the Nigerian currency after a week of sustained appreciation.
The latest exchange rate reflects continued fluctuations in the foreign exchange market as investors and businesses monitor developments in Nigeria’s currency market and broader economic conditions.
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