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Naira Weakens Further as Dollar Continues to Outpace Local Currency
The naira has continued its decline against the dollar for the second consecutive day at the official foreign exchange market. Data from the Central Bank of Nigeria shows that the naira dropped to N1,606.64 per dollar on Tuesday, down from N1,605.62 on Monday. This represents a marginal depreciation of N1.02 from the previous day.
At the black market, the naira remained stable at N1,610 per dollar on Tuesday, the same rate as the previous day. Over the last 48 hours, the naira has weakened by N4.44 at the official market and by N5 at the parallel market.
Despite efforts by the Central Bank of Nigeria to stabilize the exchange rate, fluctuations in the country’s foreign exchange market continue to persist.
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