The Nigerian naira recorded a fresh decline at the official foreign exchange market, closing at ₦1,379 to the United States dollar.

Data from the Nigerian Foreign Exchange Market (NFEM) showed the local currency lost ₦8 compared to the previous trading session, when it exchanged at ₦1,371/$.

The naira also weakened in the parallel market, with the dollar selling for about ₦1,405, reflecting continued pressure on the country’s foreign exchange market.

The latest depreciation comes amid persistent demand for foreign currency and ongoing efforts by the Central Bank of Nigeria to improve liquidity and stabilize the exchange rate. Visit www.jocomms.com for more news.