Naira continues to depreciate against dollar

The naira continued to depreciate against the dollar on the foreign exchange market on Tuesday.

FMDQ data on Tuesday showed that the naira further weakened to N1,592.06 per dollar from N1579.22 exchanged on Monday, which represents N12.84 depreciation.

Similarly, at the parallel market, the naira fell to N1615 per dollar on Tuesday from N1610 on Monday.

This is as foreign exchange transaction turnover declined to $152.26 million on Tuesday from $162.99 million recorded the previous day.

Further analysis showed that the naira has lost N27.58 against the dollar in two days compared to the N1,564.48 recorded last Friday, according to FMDQ data.

This comes despite the Central Bank of Nigeria’s announcement on Tuesday that it recorded all-time high remittance inflows of $553 million in July 2024.

Naira continues to depreciate against dollar