**Naira Plunges Further Against Dollar, Records Second Straight Week of Massive Depreciation** Nigeria's local currency, the naira, has suffered another significant blow against the US dollar in the country's official and parallel foreign exchange markets. For the second week in a row, the naira has depreciated, leaving many investors and citizens worried about the economic implications. According to data released by the Central Bank of Nigeria (CBN), the naira dropped to N1,393.26 per dollar by the close of business on Friday, a decline from N1,387.45. This translates to a day-to-day loss of N5.81 and a week-on-week loss of N29.87 against the dollar. At the official market, the naira has lost N46.94 to the dollar in just two weeks, raising concerns about the country's foreign exchange management. Meanwhile, in the parallel or black market, the naira has dipped to N1,415 per dollar, down from around N1,370 per dollar just a few days ago, according to reports from multiple Bureau de Change operators in Abuja. The recent depreciation of the naira comes on the heels of the CBN's efforts to mop up dollars from the market through intervention. This move was confirmed by President Bola Ahmed Tinubu in a recent remark, sparking debate among analysts about the effectiveness of the CBN's strategy. The naira's continued slide against the dollar raises questions about the country's economic stability and the ability of the CBN to manage the foreign exchange market. With the country's economy still recovering from the impact of the 2023 global economic downturn, the depreciation of the naira is likely to have far-reaching consequences for businesses, investors, and ordinary citizens.