Naira records second depreciation against dollar on official FX market

The naira recorded second consecutive depreciation against the dollar at the official foreign exchange market on Tuesday.

Data from the Central Bank of Nigeria showed that the naira weakened to N1,549.04 on Tuesday, from N1,548.52 traded on Monday.

This indicates that the naira declined by N0.52 against the dollar on a day-to-day basis.

Meanwhile, in the black market, it remained flat at N1,595 per dollar on Tuesday, the same rate exchanged on Monday.

DAILY POST reports that the naira also recorded depreciation against the dollar on Monday at the official market, but gained on the parallel market.