Naira Weakens Further Against US Dollar at Official Exchange Market

The Nigerian naira recorded another loss against the United States dollar at the official foreign exchange market, continuing its downward trend.

According to data released by the Central Bank of Nigeria (CBN), the naira closed at ₦1,365.53 per US dollar, compared to ₦1,362.21 recorded the previous trading day. This represents a ₦3.32 depreciation in the official exchange rate.

At the parallel (black) market, however, the exchange rate remained unchanged at ₦1,410 per dollar, maintaining the same level as the previous day.

Meanwhile, Nigeria's foreign exchange reserves recorded a slight decline, dropping from $52.02 billion to $51.96 billion, marking the first decrease after several weeks of steady growth.

The latest figures highlight the continued pressure on the naira despite relative stability in the parallel market.

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