Business
Naira Declines Against Dollar in Official, Black Markets
The naira weakened against the dollar on Tuesday in both the official and parallel foreign exchange markets, continuing its downward trend for the second time this week.
Data from FMDQ showed that the official exchange rate fell to N1,552.78 per dollar, down from N1,550.05 on Monday, reflecting a N2.37 depreciation. This marks the second consecutive decline in the official FX market within the week.
In the parallel market, the naira also lost value, dropping to N1,675 per dollar from N1,665. This reversed earlier gains made during the week, highlighting ongoing volatility in the foreign exchange market despite interventions by the Central Bank of Nigeria (CBN).
Muda Yusuf, CEO of the Centre for the Promotion of Private Enterprise, noted that the possible return of Donald Trump as U.S. president could further strengthen the dollar, increasing pressure on the naira.