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The Nigerian naira has continued its decline against the US dollar at the official foreign exchange market.
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According to the Central Bank of Nigeria’s exchange rate data, the naira depreciated to N1,536.15 per dollar on Tuesday.
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This marks the second consecutive day of depreciation against the dollar on the official FX market.
The Nigerian naira continued its decline against the US dollar at the official foreign exchange market on Tuesday, according to the Central Bank of Nigeria’s exchange rate data.
The naira depreciated further to N1,536.15 per dollar on Tuesday, down from N1,530.15 on Monday. This means the naira weakened by N6 against the dollar on a day-to-day basis.
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Further analysis showed that this is the second consecutive day the naira has depreciated against the dollar on the official FX market.
Meanwhile, on the black market, the naira remained stable at N1,580 per dollar on Tuesday, the same exchange rate as on Monday.
The naira’s decline against the dollar has been a recurring trend, with the currency previously hitting an all-time low of N540 per dollar at the unofficial market.
NNPC Suspension of Naira-for-Crude Oil Deal with Dangote, Others, Spells Price Hike
The recent move by the Nigerian National Petroleum Company (NNPC) Limited to suspend the naira-for-crude oil deal with refineries like the Dangote refinery, BUA refinery and other domestic refineries has sparked nationwide controversy.
Most analysts have warned that the suspension could trigger high importation and high fuel costs.
