Naira Continues Free-fall Against Dollar

The Nigerian naira continued its decline against the dollar at the official foreign exchange market on Tuesday.

This comes as the Central Bank of Nigeria’s exchange rate data showed that the naira depreciated further to N1,536.15 per dollar on Tuesday, from N1,530.15 on Monday.

This means the naira weakened by N6 against the dollar on a day-to-day basis.

Further analysis showed that this is the second consecutive day the naira has depreciated against the dollar on the official FX market.

Meanwhile, on the black market, the naira remained stable at N1,580 per dollar on Tuesday, the same exchange rate as on Monday.