The naira depreciated by N63.36 per dollar at the foreign exchange market in the last 24 hours.

FMDQ data showed that the day closed at N1416.57 per dollar on Tuesday, down from N1,353.21 on Monday.

The naira had recorded a significant gain on Monday.

However, Tuesday’s data showed Nigeria’s currency depreciated by 4.5 per cent at the official market.

Similarly, as recorded the previous day, the naira depreciated to N1,430 per dollar in the parallel market section from N1,400.

The country’s currency had continued to experience fluctuation despite the intervention of the Central Bank of Nigeria.

CBN governor Olayemi Cardoso said the apex bank needs more policy intervention to stabilise the naira.

However, Nigerians have long waited for naira’s stability since the advent of President Bola Ahmed Tinubu’s administration.

Although the naira recorded weeks of stability from February to mid-April, it was short-lived.

Naira lost N63 against dollar at forex market

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