The Nigerian naira has further depreciated against the United States dollar, closing at N1637.59 at the end of trading on Tuesday.
According to the Nigerian Autonomous Foreign Exchange, the naira fell by N14.63 from N1622.96 on Monday, representing a 0.90 percent decline in value.
This depreciation has increased the cost for Nigerians to purchase foreign goods and services.
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Data from the FMDQ revealed a substantial turnover of $143.15 million in the foreign exchange market, indicating high trading activity.
The naira experienced a volatile trading session, with the spot rate ending at N1637.59, a modest rise of N3.61 from the opening rate.
In contrast, the forward rate displayed notable volatility, ranging from a high of N1,655.00 to a low of N1,499.00.
On Friday, the naira saw a significant recovery in the official forex market, appreciating by 2.9 percent against the dollar.
This improvement was fueled by a substantial increase in dollar supply, totaling $245.17 million.
The naira strengthened to N1,593.32 on Friday, up from N1,639.41 on Thursday.
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