The Nigerian currency continues to lose value, dropping to N1,605/$.
The naira experienced a decline in value against the US dollar, reaching N1,605 per dollar in the parallel market, down from N1,600 per dollar on Monday. Likewise, in the Nigerian Foreign Exchange Market (NFEM), the naira dropped to N1,609 per dollar, marking a N4 decrease from the previous day’s rate of N1,605. Data from the Central Bank of Nigeria (CBN) revealed that the exchange rate for the naira increased from N1,605 per dollar on Monday to N1,609 on Tuesday. This resulted in a narrower gap between the parallel market and NFEM rates, reducing from N5 per dollar to N4.
