The naira weakened on the official market on Tuesday, dropping to N1,656.49/$1 compared to N1,546.41/$1 on Friday, data from FMDQ shows.

New Telegraph’s analysis of the FMDQ data indicates that the naira maintained a downward trend for most part of last week.

For instance, the local currency depreciated on the official market to N1,611.34/$1, N1,625.88/$1 and N1,639.41/$1 on Tuesday, Wednesday and Thursday respectively.

The naira has also been under pressure on the parallel market in recent days, as it eased to N1,650 per dollar on Tuesday, compared to N1,630/$1 on the previous day.

New Telegraph reports that in its bid to ensure exchange rate stability, the apex bank significantly increased its interventions in the official market between July and August.