Naira depreciated to ₦1,379.06 per dollar in the official market

The naira recorded another decline at the official foreign exchange market on Wednesday, trading at ₦1,379.06 per dollar.

Data from the Central Bank of Nigeria showed that the local currency lost ₦3.32 against the US dollar.

The latest move represented a depreciation of 0.24% from Tuesday’s rate of ₦1,375.74 to the dollar.

The naira had started the trading week with a gain of ₦1.92 in the official market on Monday.

However, the currency reversed its gain on Tuesday after losing ₦7.47 against the dollar.

Wednesday’s decline extended losses recorded after the naira had earlier enjoyed a week-long appreciation in the official market.

The move reflects continued pressure on Nigeria’s foreign exchange market as investors, businesses and importers monitor the value of the local currency.

The performance of the naira remains a major concern for the economy because changes in the exchange rate affect import costs, inflation, business planning and consumer prices.