Naira continues depreciation streak against dollar despite CBN policy – Daily Post

The Naira has continued its depreciation streak against the dollar in the foreign exchange market despite the Central Bank of Nigeria’s policy interventions.

FMDQ data showed that the Naira slightly depreciated to N1509.45 against the dollar on Tuesday from N1508.99 traded on Monday.

This represents a marginally N0.46 loss compared to the N1508.99 per dollar it traded on Monday.

Meanwhile, the Naira traded flat against the dollar at N1515 on Tuesday at the parallel market.

On Tuesday, the foreign exchange transactions turnover at the official FX market stood at $213.31 million.

The development comes after the Central Bank of Nigeria in a circular signed by its acting Director of Currency Operations Department, Solaja Olayemi warned banks and licensed Bureau De Change operators against rejecting the lower or old denomination of Dollar notes.