Business
Naira Weakens Against Dollar for Second Day Despite Rising Reserves
The naira fell for the second consecutive day at the official foreign exchange market, closing at ₦1,537.09 per dollar on Tuesday, compared to ₦1,535.92 on Monday, according to data from the Central Bank of Nigeria (CBN). This represents a day-on-day depreciation of ₦1.17.
In the parallel market, the currency held steady at ₦1,570 per dollar, unchanged from Monday’s rate.
So far this week, the naira has lost a total of ₦3.53 against the greenback. The decline comes despite a boost in Nigeria’s external reserves, which climbed to $40.29 billion as of August 8, up from $39.36 billion at the end of July.
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