The Nigerian naira saw a sharp decline against the U.S. dollar, trading at ₦1,689.88 per dollar in the official market—a new low, down from ₦1,681.42.
Foreign exchange turnover also dropped significantly, exacerbating concerns about the currency’s stability.
Meanwhile, at the black market, the naira lost ₦5 to close at ₦1740 on Tuesday from ₦1735, exchanged on Monday.
Despite rising foreign reserves, experts worry the naira could slide to ₦2,000 per dollar by year-end unless stabilization measures are implemented.
The Central Bank of Nigeria faces increasing calls to step in to address these economic pressures.
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