The naira resumed its depreciation against the dollar in the official foreign exchange market on Tuesday.
According to exchange rate data from the Central Bank of Nigeria, the naira fell to N1,532.39 per dollar on Tuesday, down from N1,531.19 on Monday.
This indicates a slight weakening of the naira by N1.2 against the dollar on a day-to-day basis. Meanwhile, in the black market, the naira remained stable at N1,570 per dollar, maintaining the same exchange rate as the previous day.
DAILY POST reports that on Monday, the naira had strengthened against the dollar across both official and black markets, starting the week on a positive note.
Meanwhile, CBN Governor Olayemi Cardoso stated on Tuesday that the apex bank is making progress in stabilizing the exchange market and addressing inflation.
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Cardoso made this remark while receiving a delegation of scholars from the Harvard Kennedy School at the CBN headquarters in Abuja. He acknowledged recent economic challenges but emphasized ongoing efforts to stabilize the foreign exchange market and curb inflation.
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