Nigeria’s local currency, the naira, continued to lose strength against the United States dollar and other major currencies at the official foreign exchange market on Tuesday.

According to the Central Bank of Nigeria (CBN), the naira could not recover, sliding further to ₦1,534.93 per dollar compared to ₦1,533.67 on Monday.

This means the naira dropped by ₦1.26 in just one day, showing more pressure on the currency.

However, at the parallel (black) market, the exchange rate stayed the same as Monday, with the naira trading at ₦1,550 per dollar.

It should be remembered that the currency had already started the week weak, as it fell against the dollar on Monday.