The Naira fell by N27.58 against the dollar at the foreign exchange market between Monday and Tuesday, according to FMDQ data.
As of Tuesday, the Naira traded at N1,592.06, a depreciation from N1,564.48 recorded last Friday, marking two consecutive declines.
At the black market, the Naira also dropped by N15 on Tuesday, exchanging at N1,615 per dollar compared to N1,600 last Friday.
This decline has been ongoing since last week, following the Central Bank of Nigeria’s (CBN) implementation of the Retail Dutch Auction System (rDUS), which saw the CBN selling $876.26 million to end-users through banks.
However, despite this intervention, the Naira has continued to weaken. The President of the Association of Bureau De Change Operators, Aminu Gwadabe, attributed this to the apex bank’s inconsistent FX interventions.
In response, CBN spokesperson Sidi Hakama assured in a statement on Tuesday that the bank’s policies and interventions are designed to maintain FX stability.
Get instant and latest news updates via Our WhatsApp Community or Google News online channel.
