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BusinessNaira continues to depreciate against US dollar despite CBN intervention - DAILY POST
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The Naira continued depreciation against the United States Dollar at the official foreign exchange market on Tuesday.
Central Bank of Nigeria data showed that the Naira further dropped to N1,355.37 per dollar on Tuesday, down from N1,349.24 on Monday.
This means that on a day-to-day basis, the Naira depreciated by N6.13 against the dollar.
Meanwhile at the black market, the Naira remained at N1,370 per dollar on Tuesday, the same rate recorded on Monday.
This comes as President Bola Ahmed Tinubu at an event in the presidential villa on Tuesday confirmed that the Central Bank of Nigeria mopped up dollars for the foreign exchange market to stabilize the naira.
The apex bank governor, Olayemi Cardoso, said the country’s external reserves hit a 13-year high with a gross of $50.45 billion as of February 16th, 2026.
DAILY POST reports that the naira depreciated against the dollar across foreign exchange markets on Monday.
