The Naira depreciated against the dollar at the official foreign exchange market on Tuesday to return to bearish territory.
The Central Bank of Nigeria’s data showed that the Naira weakened on Tuesday to N1,370.64 per dollar, down from N1,369.11 traded the previous day.
This means that on a day-to-day basis, the naira dropped by N1.53 against the dollar at the official foreign exchange market.
Meanwhile, at the black market, the Naira stood flat at N1,400 per dollar on Tuesday, the same rate traded on Monday.
The development comes as the country’s foreign reserves surged a further $51.14 billion on Monday.
Recall that on Monday, the Naira surged against the dollar but dropped on Tuesday.