The naira depreciated slightly against the dollar at the official foreign exchange market on Tuesday, reversing earlier gains recorded at the start of the week.
According to data from the Central Bank of Nigeria, the naira fell to N1,532.39 per dollar on Tuesday, compared to N1,531.19 on Monday, reflecting a marginal decline of N1.2.
Despite this dip, the currency remained stable in the parallel market, maintaining an exchange rate of N1,570 per dollar, the same as the previous day.
On Monday, the naira had strengthened across both the official and black markets, fueling optimism about a potential rebound.
Meanwhile, the Governor of the Central Bank of Nigeria, Olayemi Cardoso, reaffirmed the bank’s commitment to stabilizing the exchange rate and tackling inflation.
Speaking during a meeting with a delegation from the Harvard Kennedy School at the CBN headquarters in Abuja, Cardoso acknowledged recent economic challenges but emphasized ongoing progress in restoring stability to the foreign exchange market.
