**Naira Continues to Struggle Against Dollar Despite CBN Efforts** Nigeria's economy has been facing significant challenges in recent times, and one of the most pressing issues is the depreciation of the Naira against the United States Dollar. The situation has taken a turn for the worse, with the Naira hitting a new low on the official foreign exchange market. According to data from the Central Bank of Nigeria, the Naira dropped to N1,355.37 per dollar on Tuesday, a decline of N6.13 from Monday's rate of N1,349.24. This daily depreciation is a worrying trend that could have far-reaching implications for the country's economy. Meanwhile, the parallel market, where unregulated exchange activities take place, has seen little change, with the Naira remaining at N1,370 per dollar on Tuesday. This suggests that the efforts of the Central Bank of Nigeria to stabilize the currency through intervention may not be yielding the desired results. President Bola Ahmed Tinubu recently revealed that the CBN had taken steps to mop up dollars for the foreign exchange market, aimed at stabilizing the Naira. However, these efforts seem to be having limited impact, given the continued depreciation of the currency. The CBN governor, Olayemi Cardoso, reported that the country's external reserves have reached a 13-year high at $50.45 billion as of February 16th. While this is a positive development, it may not be enough to stem the tide of the Naira's decline against the Dollar. The ongoing economic challenges facing Nigeria are complex and multifaceted. The depreciation of the Naira is a symptom of a broader issue that requires a sustained and coordinated effort to address. As the country continues to navigate these challenges, it remains to be seen whether the current efforts will yield the desired results. One thing is certain, however: the stability of the Naira is essential for the overall health of Nigeria's economy.