Naira slumps against dollar first time in two weeks

The naira slumped on Tuesday against the dollar at the official foreign exchange market for the first time in two weeks.

FMDQ data showed that the naira depreciated to N1,582.09 per dollar on Tuesday from N1,570.99 exchanged on Monday, losing N11.1.

Meanwhile, the naira strengthened by N2 to close at N1,598 per dollar on the black market on Tuesday from N1,600 the previous day.

DAILY POST reports this is the first naira appreciation on the black market since Tuesday, August 2, 2024, when it exchanged at N1,617.08 per dollar.

Also, this is the first bearish trend recorded on the forex market since the Central Bank of Nigeria commenced its Dutch Auction System last Tuesday.