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The Nigerian Naira continues to decline against the US dollar in the official foreign exchange market.
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Naira depreciated to 1,536.15 per dollar on Tuesday, according to exchange rate data from the Nigerian Central Bank.
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This marks the second consecutive day of US dollar depreciation in the official forex market.
The Nigerian Naira continued to decline against the dollar on the official foreign exchange market on Tuesday, according to exchange rate data from the Nigerian Central Bank.
Naira further depreciated to N1,536.15 in every dollar on Tuesday, down from N1,530.15 on Monday. This means that NAIRA weakens N6 for N6 every day.
Also Read: NNPCL Refutes Ending Naira with Dangote Refinery – A Chosy Deal
Further analysis shows that this is the second consecutive day that Naira violates the official foreign exchange market dollar.
Meanwhile, on the black market, Naira remained stable on Tuesday at $1,580 per dollar, with the same exchange rate as Monday.
The decline in Naira against the U.S. dollar has been a recurring trend, with the currency previously hitting an all-time low of N540 per dollar in the unofficial market.
NNPC pauses Naira-For-Crude oil trading, with others (other) spelling price rise
The recent move by the Nigerian National Petroleum Corporation (NNPC) has only been restricted to suspending crude oil agreements in refineries such as the Dangote refinery, Bua refinery and other domestic refineries, sparking national controversy.
Most analysts warn that suspension could trigger high imports and high fuel costs.
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