The Naira dropped against the Dollar in the foreign exchange market after the Eid-Ul-Mawlid holiday on Monday.
According to FMDQ data, the Naira declined to N1656.56 per Dollar on Tuesday from N1,546.41 the previous Friday.
This indicates a N110.15 depreciation compared to the N1,546.41 exchanged last Friday.
On the other hand, the Naira strengthened by N5 to end at N1660 per Dollar on Tuesday from N1,665 last week on the parallel market.
Foreign currency transaction turnover closed at $100.39 million on Tuesday.
In recent weeks, the Naira has been fluctuating against the Dollar in the foreign exchange market despite interventions by the Central Bank of Nigeria.
The National Bureau of Statistics reported that Nigeria’s inflation rate decreased for the second consecutive time to 32.15% in August, according to its data released on Monday.
