Nigerian Naira Hits 10-Day Low Against US Dollar at N1,443.08

The Nigerian Naira depreciated slightly to a 10-day low of N1,443.08 per US Dollar, continuing its losing streak for the third consecutive trading day. The Central Bank of Nigeria (CBN) reported the local currency weakening by 0.3% to N1,443.08 on Wednesday, despite a mild depreciation.

The Naira's recent movements reflect mild demand pressure, with market analysts emphasizing underlying fundamentals supporting currency stability. The Naira's resilience and gradual appreciation in recent months are attributed to improved foreign exchange inflows from investments and trade.

The stability in the official market has also narrowed the premium between the parallel and official rates.