Table of Contents
- Naira's Depreciation Against the Dollar
- Official Market Rates
- Black Market Rates
- Foreign Reserves Update
On Tuesday, the naira continued to depreciate against the United States dollar in the official foreign exchange market.
Data from the Central Bank of Nigeria revealed that the naira fell further to N1,454.38 per dollar on Tuesday, a decline from N1,451.86 traded on Monday.
This indicates that the naira decreased by N2.52 per dollar in the official market on a day-to-day basis.
In the black market, however, the naira remained stable at N1,490 per dollar on Tuesday, the same rate observed on Monday, according to several Bureau De Change operators in Wuse Zone 4, Abuja.
This situation persists despite a continued increase in the country’s foreign reserves, which rose to $45.32 billion as of December 8.
It is noteworthy that the apex bank in Nigeria has recently made some announcements.
FAQs
What is the current exchange rate of the naira against the dollar?
As of Tuesday, the naira is trading at N1,454.38 per dollar in the official market.
How does the black market rate compare to the official rate?
In the black market, the naira remains stable at N1,490 per dollar, which is higher than the official rate.
What is the status of Nigeria's foreign reserves?
Nigeria's foreign reserves have risen to $45.32 billion as of December 8.
Eze Chidiebere Paul
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