Nigeria's currency, the naira, depreciated against the dollar at the official foreign exchange market on Tuesday, reversing the gains recorded the previous day.
According to data from the Central Bank of Nigeria, the naira dropped to N1,529.22 against the dollar on Tuesday, compared to N1,528.33 on Monday, representing a depreciation of N0.89.
Meanwhile, the parallel market (black market) showed more stability, with the naira maintaining its exchange rate at N1,550 to the dollar on Tuesday, unchanged from the previous day's rate.
This slight depreciation comes after the naira had shown positive movement across various foreign exchange markets on Monday, indicating the continuing volatility in Nigeria's currency markets.
Financial analysts note that the naira has averaged N1,556 per dollar at the official market during the first half of 2025, highlighting the currency's performance trends over the past six months.
The Central Bank of Nigeria continues to implement various monetary policies aimed at stabilizing the naira and reducing the gap between official and parallel market rates, though challenges persist in achieving sustained currency stability.
Market observers are closely monitoring the naira's performance, particularly as the country navigates economic reforms and attempts to boost foreign exchange liquidity in the market.
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