The Nigerian Naira has weakened against the US Dollar in both the official and parallel markets, with the local currency losing N1.84 or 0.12% to close at N1,535.48/$1 in the Nigerian Autonomous Foreign Exchange Market (NAFEM) window, and N2 or 0.13% to sell for N1,537/$1 in the parallel market.
The Naira also depreciated against the Pound Sterling and Euro in the official market, trading at N2,070.88/£1 and N1,796.23/€1, respectively.
The downward trend is attributed to decreased interventions by the Central Bank of Nigeria (CBN), which has created pressure in the foreign exchange market.
Despite this, analysts believe the Naira is still within the expected trading band, and positive developments such as increased crude oil production and foreign portfolio investments will offer long-term support.
The CBN has maintained interest rates at 27.50%, and the cryptocurrency market saw positive movements, with several coins appreciating in value.
