Nigerian Naira Falls to 10-Day Low Against US Dollar Amid Increased Demand

The Nigerian Naira weakened against the US Dollar, hitting a 10-day low due to rising demand for the dollar on Wednesday. The Central Bank of Nigeria's latest update showed the Naira trading at N1,443.08 per dollar, marking a decline from previous levels.

The Naira also lost ground against the Euro and Pound Sterling in both official and parallel markets. Despite some stability in the parallel market, the Naira's value continued to slide.

Analysts attribute the decline to mid-month demand pressures. However, foreign exchange inflows have been strengthening, aiding the Naira's resilience.

Nigeria's external reserves also saw an increase, indicating some positive economic outlook.