Naira drops to N1,089 against US dollar at official forex market

The Naira on Tuesday depreciated to N1,089.51 against the US dollar at the official foreign exchange market.

Data from FMDQ showed that the Naira dropped to N1,089.51 per US dollar compared to N856.57, which was quoted at the end of business on Monday.

The figure represents N220.38 depreciation in the local currency compared to the N856.57 per dollar on Monday.

The development comes after the country’s currency dropped after three days of successive gains in the new year.

Similarly, the Naira dropped to N1,245 per US dollar from N1,240, which it traded on Monday at the parallel market.

The depreciation comes despite the Nigerian federal government receiving a $2.25 billion foreign exchange support loan from the African Import-Export Bank over a week ago.