The Nigerian naira continued to decline against the US dollar, closing at N1637.59 at the end of trading on Tuesday.
This marked a depreciation of N14.63 from the previous day’s exchange rate of N1622.96, representing a 0.90% drop in the naira’s value.
The fall in the currency’s value has made it more expensive for Nigerians to purchase foreign goods and services.
Market data showed high trading activity, with a turnover of $143.15 million.
While the naira slightly appreciated by N3.61 from its opening spot rate, forward rates fluctuated between highs of N1,655.00 and lows of N1,499.00.
This comes after the naira saw a brief recovery last Friday, appreciating 2.9% due to an increase in dollar supply.
The naira’s struggles coincide with a drop in global oil prices, now below $70 per barrel, which has strained Nigeria’s oil-reliant economy.
Experts like former Chief Economist Marcel Okeke warn that falling revenue and increased government borrowing in foreign currency could severely impact the economy.