Business
Naira Weakens Further Against Dollar at Official Market
Nigeria’s currency, the naira, continued its decline against the U.S. dollar and other major currencies at the official foreign exchange market on Tuesday.
Data from the Central Bank of Nigeria (CBN) showed that the naira slipped to ₦1,534.93 per dollar, down from ₦1,533.67 recorded on Monday. This marks a daily depreciation of ₦1.26 against the greenback.
At the parallel (black) market, the naira held steady at ₦1,550 per dollar, unchanged from Monday’s rate.
Analysts note that the naira’s decline at the official market reflects continued pressure on foreign currency supply, while the parallel market remains relatively stable.
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