The gains made by the Nigerian Naira against the dollar are starting to diminish, with the local currency closing on a negative note on Tuesday.
Data released by the Central Bank of Nigeria (CBN) revealed that in the Nigerian Foreign Exchange Market (NFEM), the naira traded at N1,503.0718 per dollar.
This figure represents a loss of N3.29 compared to Tuesday’s trading rate, when the naira was valued at N1,499.78 per dollar.
The local currency, which opened at N1,570, fell by N10 per dollar to close at N1,580/$1 in the parallel market, commonly referred to as the black market.
One street trader noted on Tuesday that there was a slight increase in demand for dollars from end users.
