Naira Loses Ground Against Dollar Amid Increased Demand and Liquidity Issues

The Nigerian naira has weakened against the US dollar in all foreign exchange markets due to increased demand and tighter liquidity. The currency closed at N1,328.50 per dollar at the official market on [no date mentioned], representing a 0.05% depreciation from the previous session.

However, the naira strengthened against other major currencies like the British pound and euro at the official window, settling at N1,762.92 and N1,514.89 respectively.

Nigeria's external reserves have increased to $54.808 billion, providing a buffer for the economy amidst volatility in global financial and commodity markets.