Naira drop against dollar to N1,089.51 in Official Forex Market.

On Tuesday, the Naira lost value in relation to the US dollar in the official foreign exchange market, falling to N1,089.51.

The Naira fell to N1,089.51 per US dollar, according to data from FMDQ, from N856.57 at the close of business on Monday.

The data shows the local currency’s decline from Monday’s N856.57 per dollar to today’s N220.38.

This happened following three days of consecutive advances in the country’s currency in the new year.

In a similar vein, the Naira fell from N1,240, its trading value on Monday in the parallel market, to N1,245 per US dollar.

The depreciation occurs even though the African Import-Export Bank gave the Nigerian federal government a $2.25 billion loan for foreign exchange support more than a week ago.