The naira at the end of trading on Tuesday recorded a marginal decline when compared to the value it traded for on Monday.
Data from the Central Bank of Nigeria (CBN) indicated that the Naira depreciated to 1,532.39 per dollar on the Nigeria Foreign Exchange Market (NFEM).
This marks a slight depreciation from Monday’s value, when the local currency traded at N1,531.19 per dollar.
In the parallel market, commonly referred to as the black market, the Naira also strengthened, exchanging at N1,565 per dollar compared to N1,570 it exchanged for on Monday.
Economists attribute the stability in the parallel market to a decline in demand for the Naira and various control measures enacted by the CBN, which is closely monitoring the activities of traders.
(journalist101)
