In the past 24 hours, the Nigerian naira has experienced a decrease of N63.36 against the US dollar in the foreign exchange market.
Data from FMDQ indicated that the day concluded at N1416.57 per dollar on Tuesday, marking a decline from N1,353.21 observed on Monday.
Despite a substantial increase the previous day, the naira saw a notable decline of 4.5% at the official market on Tuesday.
Similarly, mirroring the trend from the day before, the naira dropped to N1,430 per dollar in the parallel market, down from N1,400.
The fluctuation in Nigeria’s currency persists despite efforts by the Central Bank of Nigeria to intervene.
Olayemi Cardoso, the governor of the CBN, emphasized the necessity for additional policy interventions to stabilize the naira.
Nigerians have been eagerly awaiting the stability of the naira since the administration of President Bola Ahmed Tinubu came into power.
Although the naira showed a period of stability from February to mid-April, it turned out to be short-lived.