Naira returns to depreciation against dollar at official market

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Naira returns to depreciation against dollar at official market

The naira returned to depreciation against the dollar at the official foreign exchange market on Tuesday.

This comes as Central Bank of Nigeria exchange data showed that the Naira fell to N1,532.39 per dollar on Tuesday from N1,531.19 on Monday.

This means that the Naira weakened slightly against the dollar on a day-to-day basis by N1.2.

Meanwhile, at the black market, the naira remained stable at N1,570 per dollar on Tuesday, the same exchange rate recorded the previous day.

Waploaded reports that on Monday, the naira strengthened against the dollar across official and black markets to kick off the week on a positive note.

Recall that the governor of CBN, Olayemi Cardoso, in a statement on Tuesday, said the apex bank is making progress in stabilising the exchange market and tackling inflation.

Cardoso disclosed this when he received a delegation of scholars from the Harvard Kennedy School at the CBN headquarters in Abuja.

He acknowledged recent challenges “but highlighted progress in stabilising the foreign exchange market and curbing inflation.”