The naira has depreciated again against the United States dollar in both the official and parallel foreign exchange markets.

The FMDQ securities data revealed that the Nigerian Autonomous Foreign Exchange Market (NAFEM) naira closed at N1,532.28/$1 on Tuesday, July 7, 2024.

Tuesday's rate shows that the naira's value depreciated by 0.57% or N8.43 against the US Dollar in the official market when compared to the previous day’s rate of N1,523.85/$1.

Although the supply of FX has significantly improved in the official market, the Nigerian currency still performed poorly.

Banks, companies and other players in the official window on Tuesday exchanged $188.19 million, a 35.7% or $54.73 million increase from the $133.46 million recorded on Monday.

It was same for the naira in the official market for the British pound and the euro.

According to CBN's data, the naira declined in value against the pound sterling in the official market by N22.54 on Tuesday, quoting at N1,957.78/£1 compared with the previous day’s N1,935.24/£1.

The naira also depreciated against the euro by N16.28 to finish at N1,653.42/€1, in contrast to the preceding day’s N1,637.14/€1.