On Tuesday, the Naira experienced a substantial decline against the dollar in both the official and parallel foreign exchange markets.
According to FMDQ data, the Naira dropped to N1637.59 per dollar, down from N1580.46 on Monday. This marks a notable depreciation of N57.13 against the dollar, compared to the previous day’s exchange rate of N158.46.
In the black market, the Naira also weakened by N5, trading at N1660 per dollar, compared to N1655 on Monday.
This decline follows two days of appreciation for the Naira against the dollar in the foreign exchange market. It is worth noting that last Friday, the Central Bank of Nigeria sold $20,000 each to eligible Bureau De Change operators at a rate of N1580 per dollar.
