After another depreciation, the naira is currently at its worst exchange rate level in four months at the official market.

The Nigerian currency closed on Thursday, July 26, at N1,603.80/$1.

The new exchange represents a 1.08% or N17.09 loss of naira compared to the previous day's rate of N1,586.71/$1.

The bad performance of the naira is again caused by a foreign exchange liquidity squeeze in spite of efforts by the Central Bank of Nigeria (CBN) to intervene in the market.

Data from the FMDQ securities exchange indicates that the value of forex transactions in the official market fell by 23.4% or $39.94 million to $131.09 million from the previous day's rate of $171.03 million.

It was a similar story for the naira against the pound sterling and the euro in the official market.

The apex bank reports that the naira witnessed against the pound sterling in the official market during the session by N70.65 to settle at N2,062.42/£1 compared with the previous year's N1,991.77/£1.