The naira dipped against the dollar in both official and parallel foreign exchange markets on Tuesday.
FMDQ data showed that the naira weakened further for the second time this week, falling to N1,552.78 per dollar on Tuesday from N1,550.05 on Monday.
This indicated a slight depreciation of N2.37 against the dollar compared to the previous day.
Media Talk Africa reports that this marks the second time this week that the naira has lost value against the dollar in the official FX market.
Similarly, the naira dropped to N1,675 per dollar on Tuesday, down from N1,665, reversing gains made earlier in the week.
This fluctuation in the FX markets persists despite policy interventions by the Central Bank of Nigeria.
The Chief Executive Officer of the Centre for the Promotion of Private Enterprise, Muda Yusuf, noted that with the emergence of Donald Trump as US president, the dollar is likely to strengthen further, putting additional pressure on the naira.
