The Nigerian naira continued its decline against the US dollar at the official foreign exchange market on Tuesday.
According to the Central Bank of Nigeria’s exchange rate data, the naira depreciated to N1,536.15 per dollar on Tuesday, down from N1,530.15 on Monday.
This represents a N6 weakening of the naira against the dollar on a day-to-day basis.
Further analysis reveals that this is the second consecutive day the naira has depreciated against the dollar on the official FX market.
In contrast, the naira remained stable at N1,580 per dollar on the black market on Tuesday, unchanged from Monday’s exchange rate.