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Naira continues depreciation against US dollar despite rising foreign reserves - DAILY POST
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The naira on Tuesday continued depreciation against the United States dollar at the official foreign exchange market.
The Central Bank of Nigeria’s data showed that the Naira weakened further to N1,454.38 per dollar on Tuesday, down from N1,451.86 traded on Monday.
This indicated that the Naira dropped by N2.52 per dollar at the official market on a day-to-day basis.
Meanwhile, at the black market, the Naira remained flat at N1,490 per dollar on Tuesday, the same rate as on Monday, according to multiple Bureau De Change operators in Wuse Zone 4, Abuja.
This comes despite the continued rise in the country’s foreign reserves, which rose to $45.32 billion as of December 8.
Recall that recently the apex bank granted full licenses to 82 BDC operators in Nigeria
