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Naira Depreciates Against Dollar in Foreign Exchange Market

The naira experienced a slight depreciation against the dollar at the official foreign exchange market. According to FMDQ data, the naira weakened to N1476.95 on Tuesday from N1476.12 on Monday, marking a N0.83 loss.

In the parallel market, the naira also depreciated, trading at N1500 against the dollar compared to N1475 on Monday. This decline follows a brief appreciation of the naira in both official and parallel markets at the start of the week.

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Additionally, the country’s foreign reserves have seen a significant decrease, dropping by $1.8 billion over the past 10 weeks, as reported by the Daily Post.