The Nigerian Naira experienced further depreciation against the US dollar in the parallel market yesterday, falling to N1,405 per dollar. This represents a decline from Tuesday’s rate of N1,389 per dollar. The continued weakening of the Naira reflects ongoing pressures in the foreign exchange market. This latest drop adds to a recent trend of devaluation for the Nigerian currency. No specific reasons for the depreciation were cited in the report. The information was initially published by Vanguard News. This development is likely to impact import costs and potentially contribute to inflationary pressures within Nigeria.