Nigeria’s currency, the Nigerian Naira, has recorded another week of decline against the United States Dollar in both official and parallel markets. Data released by the Central Bank of Nigeria showed the exchange rate dropped further at the end of the week.

According to the figures, the naira closed at N1,393.26 per dollar compared to N1,387.45 recorded earlier. This represents a daily drop of about N5.81 and a weekly loss of N29.87 against the dollar in the official market.

In the parallel market, also known as the black market, the naira weakened further to about N1,415 per dollar. Bureau de Change operators in Wuse Zone 4 reported that the rate had increased from around N1,370 per dollar in recent weeks.

The depreciation comes despite foreign exchange interventions by the Central Bank, a move earlier acknowledged by Bola Ahmed Tinubu. Analysts say market demand for dollars and economic pressures continue to affect the local currency.