Naira Weakens Further Against Dollar in FX Markets.

The Nigerian naira recorded another decline against the United States dollar across foreign exchange markets following the Easter holiday break.

Data from the official market showed that the naira depreciated to ₦1,386.66 per dollar, compared to ₦1,380.79 in the previous trading session, indicating a loss of ₦5.87.

The local currency also weakened against other major currencies. It traded at approximately ₦1,838.57 per British pound and ₦1,605.61 per euro, reflecting continued pressure in the foreign exchange market.

Analysts attribute the decline to limited supply of foreign currency and increased demand for the dollar, which continues to strain the naira. The movement also comes as the market adjusts after the holiday period.

Despite the drop, experts maintain that the exchange rate remains within a relatively stable range, although concerns persist over ongoing volatility in Nigeria’s FX market.

The naira has faced sustained pressure in recent months due to economic challenges and fluctuations in foreign exchange supply.

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