Naira depreciates to N1500 per dollar


The naira continued to depreciate against the dollar in the foreign exchange market.

FMDQ data showed that the naira weakened to N1,500.79 against the dollar on Tuesday from N1490 traded on Monday.

This represents N10.79 loss against the dollar compared to the N1,490 traded the previous day.

Meanwhile, at the parallel market, the naira remained flat at N1,505 against the dollar.

The development comes as foreign exchange turnover transactions declined further to $136.75 million on Tuesday from $152.00 million the previous day.

As a solution, the Central Bank of Nigeria recently issued a fresh directive to international money transfer operators and all banks to boost diaspora remittances and naira liquidity

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