The Nigerian naira continued its downward trend on Thursday, marking its third consecutive depreciation against the US dollar in the official foreign exchange market.
According to data from the Central Bank of Nigeria (CBN), the naira weakened slightly to N1,538.66 per dollar, compared to N1,537.62 on Wednesday. This reflects a marginal drop of N1.4 in the official window.
However, in the parallel market, the naira maintained stability, trading at N1,560 per dollar, the same rate as the previous day.
The last time the naira recorded any improvement in the official market was on 24 March 2025, when it strengthened to N1,531.19 per dollar, up from N1,536.89 at the close of trading the previous Friday.
This latest development underscores the persistent pressure on the local currency despite various monetary interventions aimed at stabilizing the foreign exchange market.
