Business
Naira Weakens Further Against Dollar
The naira has continued its free fall against the dollar for the second consecutive time at the official foreign exchange market.
This is the case, as the Central Bank of Nigeria’s exchange data showed that the naira dropped further to N1,606.64 per dollar on Tuesday from N1,605.62 exchanged on Monday.
This means the naira depreciated marginally by N1.02 on a day-to-day basis compared to N1,605.62 on Monday.
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Meanwhile, at the black market, the naira remained flat at N1610 per dollar on Tuesday, the same rate traded the previous day.
In the last 48 hours, the naira has weakened by N4.44 and N5 at the official and parallel foreign exchange markets.
The fluctuations in Nigeria’s FX market have persisted despite efforts by CBN in the past months.
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