Naira slumps massively against dollar on Tuesday

The Naira slumped massively against the dollar at the both official and parallel foreign exchange markets on Tuesday.

FMDQ data showed that the Naira fell to N1637.59 per dollar on Tuesday from N1580.46 exchanged on Monday.

This represents a significant N57.13 depreciation against the dollar compared to the N158.46 exchange rate traded the previous day.

Similarly, at the black market, the Naira weakened by N5 to N1660 per against compared to N1655 exchanged on Monday.

The depreciation comes after two days of Naira’s appreciation against the dollar at the foreign exchange market.

Recall that the Central Bank of Nigeria last week Friday had sold $20,000 each to legible Bureau De Change operators at N1580 per dollar rate.