Naira Depreciation Streak Against Dollar Continues Despite CBN Policy

The Naira has continued its depreciation streak against the dollar in the foreign exchange market despite the Central Bank of Nigeria’s policy interventions.

FMDQ data showed that the Naira slightly depreciated to N1509.45 against the dollar on Tuesday from N1508.99 traded on Monday.

This represents a marginally N0.46 loss compared to the N1508.99 per dollar it traded on Monday.

Meanwhile, at the parallel market, the Naira traded flat against the dollar at N1515 on Tuesday.

This is as the foreign exchange transactions turnover at the official FX market stood at $213.31 million on Tuesday.

The development comes after the Central Bank of Nigeria in a circular signed by its acting Director of Currency Operations Department, Solaja Olayemi warned banks and licensed Bureau De Change operators against the rejection of lower or old denomination of Dollar notes.