The Nigerian currency came under renewed pressure on Friday as the naira weakened against the United States dollar, trading at about ₦1,375 in the official foreign exchange market.

Market data indicated that demand for the dollar continued to outweigh supply, contributing to the latest depreciation in the value of the naira.

The movement reflects ongoing volatility in Nigeria’s foreign exchange market, where traders and investors continue to respond to shifts in dollar inflows, import demand, and broader macroeconomic pressures.

Analysts say the naira’s recent slide is also influenced by persistent demand from importers, businesses, and individuals seeking foreign currency for transactions and savings.

The development comes despite ongoing monetary and fiscal policy adjustments aimed at stabilising the exchange rate and improving liquidity in the foreign exchange market.

Economic observers note that fluctuations in the official market often mirror broader pressures in the parallel market, where rates tend to react more quickly to demand and supply dynamics.

Financial experts have continued to call for sustained policy reforms, increased foreign investment inflows, and improved export earnings to support long-term stability of the naira.

For now, market participants are expected to closely watch central bank interventions and global dollar trends as Nigeria’s currency continues to face pressure.