Despite the policy interventions of the Central Bank of Nigeria, the Naira continues to be in free fall against the Dollar.
According to data from the FMDQ, the Nigerian currency dropped from N1508.99 traded on Monday to N1509.45 against the Dollar on Tuesday. This fall marks a N0.46 loss compared to the N1508.99 per Dollar it traded on Monday.
At the parallel market, the Naira traded at N1515 against the Dollar on Tuesday as the FOREX transactions turnover at the official FX market stood at $213.31 million the same day.
This development emerged after the apex bank, in a circular signed by the acting Director of Currency Operations Department, Solaja Olayemi, cautioned banks and licenced Bureau De Change operators against rejecting lower or old denominations of Dollar notes.