Market News
Naira drops further - DAILY POST
The naira dipped further against the dollar in the foreign exchange market on Tuesday.
FMDQ data showed that the naira fell to N1,537.03 against the dollar from N1,536.58 on Monday. This indicated a marginal drop of N0.45 per dollar.
Meanwhile, on the black market, the naira remained stable on Tuesday, closing at N1,665 per dollar, the same exchange rate as on Monday.
This means that in the last two days, the naira has fallen by N2.65 against the dollar at the official FX market. However, on the parallel market, the naira has maintained relative stability.
DAILY POST reports that President Bola Ahmed Tinubu, in his 2025 budget proposal, fixed the exchange rate at N1,500 per dollar.
