The Naira, on Tuesday, continued to depreciate against the dollar in both official and parallel foreign exchange markets.
FMDQ data showed that the naira fell to N1,689.88 per dollar on Tuesday from N1,681.42 exchanged on Monday, recording N8.42 depreciation.
Similarly in the black market, the Naira lost N5 to close at N1,740 on Tuesday from N1,735, exchanged on Monday.
This comes as FX supply transaction turnover dropped to $106.44 million on Tuesday from $471.5 million recorded the previous day.
BMI, a Fitch Solutions subsidiary, projected that the Naira may fall to N1,993 per dollar in the coming days.
The depreciation of the Naira is despite Nigeria’s foreign exchange reserves increasing to $40.167 billion as of November 11, 2024, according to data from the Central Bank of Nigeria (CBN).