Naira continues depreciation against dollar at official market

Nigeria’s currency, the naira, continued depreciation against the dollar and other currencies at the official foreign exchange market on Tuesday.

The Central Bank of Nigeria’s exchange data showed that the Naira failed to ease on Tuesday, dropping further to N a against the dollar from N 1,533.67 traded on Monday.

The implication is that the naira weakened further by N1.26 against the dollar on a day-to-day basis.

Meanwhile, at the black market the Naira remained flat at N1,550 per dollar on Tuesday, the same rate exchanged on Monday.

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Recall that on Monday, it dropped against the dollar to begin the week on a bearish note.

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