On Tuesday, the naira experienced a further decline against the dollar in the official foreign exchange market.
According to data from FMDQ, the naira dropped slightly to N1,537.03 per dollar from N1,536.58 on Monday, marking a small decrease of N0.45 per dollar.
In contrast, the naira remained unchanged in the black market, closing at N1,665 per dollar, the same rate as Monday.
Over the past two days, the naira has fallen by N2.65 against the dollar in the official FX market, but it has remained relatively stable on the parallel market.
It’s also worth noting that in President Bola Ahmed Tinubu’s 2025 budget proposal, the exchange rate was set at N1,500 per dollar.
