The naira’s decline against the dollar continued on Tuesday, with depreciation in both the official and parallel foreign exchange markets, SAVANNAH NEWSNOW REPORTS.
According to FMDQ data, the naira fell to N1,552.78 per dollar in the official market on Tuesday, a drop of N2.37 from Monday’s N1,550.05.
For the second consecutive time this week, the naira has declined in the official FX market.
In the parallel market, the Nigerian currency also dropped to N1,675 per dollar on Tuesday, down from N1,665 on Monday, thereby erasing the gains made earlier in the week.
Despite policy efforts by the Central Bank of Nigeria to stabilise the naira, the ongoing fluctuations in the foreign exchange market persist.
Muda Yusuf, Chief Executive Officer of the Centre for the Promotion of Private Enterprise, weighed in on the situation, stating that the emergence of Donald Trump as U.S. president could lead to a stronger dollar, further pressuring the naira.
