The Nigerian currency, the naira, continued its downward trend against the US dollar on Tuesday at the official foreign exchange market.

Latest data from the Central Bank of Nigeria (CBN) showed that the naira traded weaker at ₦1,534.93 per dollar, compared to ₦1,533.67 recorded on Monday. This means the currency lost ₦1.26 in value within just a day.

However, at the parallel (black) market, the naira remained stable at ₦1,550 per dollar, the same rate it exchanged for on Monday.

The depreciation highlights ongoing pressure on the local currency despite efforts by monetary authorities to stabilise the forex market.

Earlier this week, the naira had already opened trading on a bearish note, setting the tone for what analysts describe as another challenging week for Nigeria’s foreign exchange market.