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| Naira Drops N63 Against Dollar in Forex Market |
According to FMDQ data, trading ended at N1416.57 to the dollar on Tuesday, a decrease from N1,353.21 on Monday.
The naira saw a decline of N63.36 against the dollar at the foreign exchange market over the past 24 hours.
According to FMDQ data, trading ended at N1416.57 to the dollar on Tuesday, a decrease from N1,353.21 on Monday.
The naira had experienced a notable increase on Monday.
Nonetheless, data from Tuesday revealed a 4.5 percent devaluation of Nigeria's currency at the official market.
In a similar trend to the previous day, the naira fell to N1,430 against the dollar in the parallel market, down from N1,400.
Despite efforts by the Central Bank of Nigeria, the naira has been subject to ongoing fluctuations.
CBN Governor Olayemi Cardoso has indicated that additional policy measures are necessary to achieve naira stabilization.
Nigerians have been anticipating the stabilization of the naira since President Bola Ahmed Tinubu took office.
While the naira enjoyed a period of stability from February to mid-April, it proved to be temporary.
