Nigeria, March 8 -- The Nigerian naira has weakened significantly, trading at N1,550 per U.S. dollar in the parallel market as demand for foreign currency surges.

Despite the Central Bank of Nigeria's (CBN) ongoing efforts to stabilize the foreign exchange market, the local currency continues to face depreciation pressures.

Persistent Pressure on the Naira

The naira opened the week at N1,500 per dollar in the unofficial market, maintaining that level for over two weeks before dipping to its current rate. Meanwhile, in the official market, the CBN reported an exchange rate of N1,512 per dollar as of Thursday, signaling continued volatility in Nigeria's FX market.

Experts attribute the naira's decline to a higher demand for the U.S. dol...