Naira slipped to an all-time low against the United States dollar across forex markets on Tuesday as the Central Bank of Nigeria (CBN) moved to clear dollar backlogs owed to foreign airlines operating in the country.
According to data published by FMDQ, naira closed Tuesday at N1,482.57 per $1 at the official market. The rate represents 10 per cent depreciation from N1,348/$1 the domestic currency traded in the previous session on Monday.
Meanwhile, the local currency also depreciated further at the unauthorised market on Tuesday amidst lingering dollar scarcity and high demand.
