Naira Depreciates to ₦1,341.35 Against USD at CBN Window
The Nigerian naira weakened by ₦3.25 to ₦1,341.35 per US dollar at the Central Bank of Nigeria's official foreign exchange market on Thursday. This follows a ₦6.00 drop from the CBN's closing rate the previous day. In contrast, the parallel market saw the naira strengthen to ₦1,340 per dollar, gaining ₦25 from Wednesday's rate. Market dynamics indicate increased dollar demand driven by Foreign Portfolio Investors' risk-off sentiment, pressuring the naira across all official benchmarks. Analysts predict continued pressure on the currency as the CBN maintains market stabilization efforts.