The naira lost ground against the dollar on Tuesday across both official and unofficial foreign exchange markets, following a drop in dollar inflows last week.
Data from the Central Bank of Nigeria indicated that the currency depreciated by 0.3%, or N4.90, closing at N1,532.94 per dollar at the Nigerian Foreign Exchange Market, down from N1,528.03 recorded on Monday.
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Foreign exchange inflows into the official market fell to $1.0 billion last week, a 25.4% decline from the $1.34 billion recorded the previous week, according to a report by Coronation Asset Management.
In the parallel market, commonly referred to as the black market, the naira ended the day at N1,580 per dollar, weakening by N5 from Monday’s rate of N1,575.
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