The Naira experienced a significant decline against the dollar in both the official and parallel foreign exchange markets on Tuesday.
Data from FMDQ revealed that the Naira dropped to N1637.59 per dollar on Tuesday, down from N1580.46 exchanged on Monday.
This marks a sharp depreciation of N57.13 against the dollar compared to the N158.46 exchange rate from the previous day.
Similarly, in the black market, the Naira weakened by N5, falling to N1660 per dollar compared to N1655 on Monday.
The depreciation follows two days of the Naira appreciating against the dollar in the foreign exchange market.
It’s worth noting that last Friday, the Central Bank of Nigeria sold $20,000 to eligible Bureau De Change operators at a rate of N1580 per dollar.
