The naira, Nigeria’s currency, fell against the US dollar in the foreign exchange market on Tuesday.
According to FMDQ data, the country’s currency was worth N830.97 per dollar at the close of business on Tuesday, up from N750.15 on Monday.
The amount indicates a N80.82 depreciation versus the exchange rate at the end of business on Monday.
The country’s currency has dropped on the official mFX market for the first time since last week.
Meanwhile, the parallel market remained stable, with N1,130/$1 passing hands on Tuesday at the same rate as on Monday.
On Tuesday, Dayyabu Mistila, a Bureau de Change operator in Abuja’s Wuse Zone 4, confirmed that he sold the dollar at N1,130 and bought it at N1,140.
The news comes after Dr. Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), failed to convene the Monetary Policy Committee for the second time in two months.
The naira has been oscillating in the forex market since the CBN implemented reforms in June of this year, according to Platinum Times.