Naira Depreciates To N1500 Per Dollar In Foreign Exchange Market

Naira Faces Further Decline at Official and Parallel Markets
Naira Faces Further Decline at Official and Parallel Markets

The Nigerian Naira continues to experience a decline in value against the US Dollar in the foreign exchange market. Data from FMDQ revealed that the Naira depreciated to N1,500.79 against the Dollar on Tuesday, down from N1,490 traded on Monday. This represents a decrease of N10.79 compared to the previous day’s rate.

While the Naira maintained its value at N1,505 against the Dollar in the parallel market, foreign exchange turnover transactions decreased to $136.75 million on Tuesday from $152.00 million the day before.

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In response to these developments, the Central Bank of Nigeria (CBN) recently issued a directive to international money transfer operators and banks to improve diaspora remittances and enhance naira liquidity.

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