The naira depreciated to N1,391/$ on Wednesday as the U.S. dollar strengthened against major global currencies.
Data from the Central Bank of Nigeria (CBN) showed that the naira dropped from N1,383.5/$ recorded on Tuesday.
The data shows that the naira traded within a defined range during Wednesday’s session, reflecting ongoing volatility in the foreign exchange market.
The figures also indicate a decline in market activity compared to the previous day.
The naira traded between N1,376/$ and N1,391.5/$, with a simple average of N1,387.22/$.
NFEM interbank turnover declined to $55.7 million on Wednesday from $83.4 million recorded on Tuesday.
The number of deals executed at the interbank market dropped to 64, down from 88 deals in the previous session.
The data also shows a slight dip in Nigeria’s external reserves, signalling continued pressure on the country’s foreign exchange buffers.
