The naira recorded another decline at the official foreign exchange market on Wednesday, trading at ₦1,379.06 to the dollar.
Data from the Central Bank of Nigeria showed that the local currency lost ₦3.32 against the U.S. dollar.
The latest movement represented a 0.24 per cent depreciation when compared with Tuesday’s rate of ₦1,375.74 to the dollar.
The naira had started the trading week on Monday with a gain of ₦1.92 at the official market.
However, the currency reversed the gain on Tuesday after losing ₦7.47 against the dollar.
Wednesday’s decline extended the losses recorded after the naira had earlier enjoyed a week-long appreciation at the official market.
The movement reflects continued pressure in Nigeria’s foreign exchange market as investors, businesses and importers monitor the value of the local currency.
The naira’s performance remains a key concern for the economy because exchange rate changes affect import costs, inflation, business planning and consumer prices.
