The value of the Naira continues to depreciate against the Dollar in the foreign exchange market.
Data from FMDQ showed that the Naira’s value dropped to N1,500.79 against the Dollar on Tuesday from N1490 traded on Monday.
This signifies a loss of N10.79 against the Dollar compared to the N1,490 traded the previous day.
Meanwhile, the Nigerian currency maintained its value at N1,505 against the Dollar in the parallel market.
The decrease occurred as foreign exchange turnover transactions fell to $136.75 million on Tuesday from $152.00 million the previous day.
As a resolution, the Central Bank of Nigeria (CBN) recently issued a new directive to international money transfer operators and all banks to enhance diaspora remittances and naira liquidity.