The naira on Friday suffered its steepest depreciation against the United States dollar this week at the official foreign exchange market, following a decline in Nigeria’s external reserves.
Data released by the Central Bank of Nigeria (CBN) showed that the local currency weakened significantly to N1,464.50 per dollar, compared with N1,457.84 recorded the previous trading day, extending its downward trend throughout the week.
The latest fall comes amid sustained pressure on the foreign exchange market, largely driven by reduced dollar inflows and declining external reserves, which have continued to weigh on the value of the naira.
