The Nigerian naira extended its losing streak against the United States dollar on Wednesday, marking its third consecutive depreciation at the official foreign exchange market.
According to data released by the Central Bank of Nigeria, CBN, the local currency weakened to N1,366.71 per dollar on Wednesday, compared with N1,365.53/$1 recorded on Tuesday.
The latest movement indicates that the naira lost N1.18 against the US dollar at the official market, continuing a three-day run of depreciation this week.
The parallel market also reflected the currency’s weakness, with the naira depreciating by N5 to N1,415 per dollar on Wednesday from N1,410/$1 traded the previous day.
Meanwhile, Nigeria’s external reserves stood at $51.94 billion, according to the latest available data.
The latest figures mean the naira has now weakened against the dollar for three consecutive trading sessions at the official foreign exchange market this week, underscoring continued pressure on the local currency despite the country’s strong foreign reserve position.
