Nigerian Naira Weakens as Dollar Exchange Rate Rises in Forex Markets

The Nigerian Naira depreciated against the US dollar in the Foreign Exchange Market, dropping to N per dollar on Thursday, representing a decline compared to the previous day. This depreciation was attributed to market pressures and reduced foreign portfolio inflow, leading to a drop in FX inflow.

Analysts noted that stronger inflows from oil earnings and offshore investors are expected to provide support in the near term. The movement in exchange rates, both in the official and parallel markets, reflects the ongoing challenges faced by the Nigerian currency amidst fluctuating market conditions.