The naira’s downward spiral continued on Tuesday, hitting a new low of N1,592.06 per dollar on the foreign exchange market.
This represents a N12.84 depreciation from Monday’s rate of N1,579.22, according to FMDQ data.
The parallel market also felt the impact, with the naira falling to N1,615 per dollar on Tuesday, down from N1,610 on Monday.
Foreign exchange transaction turnover declined to $152.26 million on Tuesday, down from $162.99 million recorded the previous day.
Further analysis reveals that the naira has lost N27.58 against the dollar in just two days, compared to the N1,564.48 recorded last Friday.
Despite the Central Bank of Nigeria’s announcement of an all-time high remittance inflow of $553 million in July 2024, the naira’s depreciation continues unabated.
