On Tuesday, the naira experienced a decline at the official market, with the exchange rate standing at N1,416.57 to the dollar.

According to data from the official trading platform of the FMDQ Exchange, overseeing the Nigerian Autonomous Foreign Exchange Market, the naira depreciated by N62.36.

This marks a 4.60% decrease compared to the previous trading session on Monday when it traded at N1,354.21 to the dollar.

Despite the depreciation, the total daily turnover saw an increase to $160.77 million on Tuesday, rising from $84.83 million recorded on Monday.

Meanwhile, at the Investor’s and Exporter’s window, the naira traded between N1,445 and N1,301 against the dollar.