On Tuesday, the Naira experienced a depreciation, reaching N1,089.51 against the US dollar in the official foreign exchange market, according to data from FMDQ.
This marked a significant decline from the previous day’s rate of N856.57 per dollar, indicating a depreciation of N220.38 in the local currency.
This decrease follows three consecutive days of gains at the start of the new year.
Furthermore, at the parallel market, the Naira also fell to N1,245 per US dollar from N1,240 on Monday, despite the Nigerian federal government having received a $2.25 billion foreign exchange support loan from the African Import-Export Bank just over a week ago.
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