The naira significantly depreciated against the dollar, dropping to ₦1658.97 per dollar on Tuesday from ₦1552.92 on Monday, reflecting a loss of ₦106.05.
At the black market, the naira remained stable at ₦1700 per dollar.
This decline in the naira comes amid rising inflation, with the National Bureau of Statistics reporting a 32.70% inflation rate in September 2024.
Despite interventions by the Central Bank of Nigeria (CBN), fluctuations persist in the FX market, though CBN Governor Yemi Cardoso emphasized Nigeria’s external reserves of $39.12 billion.
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