Naira Drops to ₦1,608/$ at Official Market

The naira weakened further on Wednesday, closing at ₦1,608.60 per dollar at the official market, down from ₦1,606.64 on Tuesday.

According to CBN data, the exchange rate peaked at ₦1,615 during the day as rising demand met limited forex supply.

At the parallel market, the naira also dropped to ₦1,610 from ₦1,605.

Analysts say the currency remains under pressure due to tight dollar inflows and growing demand.