The naira tumbled 6.2 per cent on the official Investors & Exporters window on Wednesday to 385 per dollar and depreciated slightly to N453 in the parallel market.
Reason, inflation climbed to 12.4 per cent vs 12.3 per cent month-on-month while food inflation hit a two-year high of 15.04 per cent.
Analysts from AZA, an investment and research firm, said depreciation was further stoked by foreign reserves dropping by $130 million in one week. Risk is weighted towards further weakness, especially if foreign reserves continue to decline
