The naira continued its decline against the dollar on Tuesday, depreciating in both the official and parallel foreign exchange markets.
Data from FMDQ revealed that the naira weakened to N1,552.78 per dollar in the official market on Tuesday, down from N1,550.05 on Monday. This represented a slight drop of N2.37 compared to the previous day.
This is the second consecutive decline in the official FX market this week.
In the parallel market, the Nigerian currency also fell to N1,675 per dollar on Tuesday, compared to N1,665 on Monday, erasing gains recorded earlier in the week.
The ongoing fluctuations in the foreign exchange market persist despite policy efforts by the Central Bank of Nigeria to stabilise the naira.
Muda Yusuf, Chief Executive Officer of the Centre for the Promotion of Private Enterprise, commented on the situation. He noted that with the emergence of Donald Trump as U.S. president, the dollar could strengthen further, which may exacerbate the pressure on the naira.
