The naira recorded its third consecutive depreciation against the dollar in the official foreign exchange market.
The naira marked its third consecutive daily decline against the US dollar on Thursday at the official foreign exchange market. The slide saw the currency weaken to ₦1,538.66 per dollar, down from ₦1,537.62 the previous day.
This marginal drop of ₦1.04 continues a recent trend. According to the Central Bank of Nigeria, Thursday’s depreciation represents another day of sustained currency weakness.
Despite consistent declines in the official window, the parallel market remained stable at ₦1,560 per dollar, unchanged for the second straight day. The divergence highlights growing pressure on the naira within formal channels.
Analysts attribute the downturn to diminishing forex reserves, which are under strain from persistent external pressures. With foreign exchange inflows slowing, market participants are increasingly concerned about the naira’s resilience. Continued central bank intervention may be needed to curb further depreciation.