The naira continued its downward trend against the United States dollar at the official foreign exchange market on Tuesday.
Data from the Central Bank of Nigeria (CBN) showed the currency weakened to N1,454.38 per dollar, compared to N1,451.86 recorded on Monday, marking a N2.52 day-to-day depreciation.
However, the parallel market remained stable, with the naira trading at N1,490 per dollar on both Monday and Tuesday, according to several Bureau De Change operators in Abuja’s Wuse Zone 4.
The development comes as the CBN recently granted full operating licences to only 82 BDCs nationwide, a move expected to reshape activities in the retail forex segment.
This decline persists despite a steady increase in Nigeria’s external reserves, which climbed to $45.32 billion as of December 8.
