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The naira recorded significant depreciation against the dollar across official and parallel foreign exchange markets this week.

Central Bank of Nigeria exchange data showed that the naira weakened to N 1,583.73 against the dollar on Tuesday compared to N 1,579.40 traded on Monday.

This means that the naira depreciated by N4.33 against the dollar on a day-to-day basis at the official FX market.

Similarly, the naira dropped by N2 to N1617 per dollar on Tuesday from N1615 exchanged on Monday.

Media Talk Africa reports that this is the first time this week the naira is losing steam against the dollar after appreciating on Monday.