Naira falls against dollar at official market after brief gain

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The Nigerian naira depreciated against the dollar at the official foreign exchange market on Tuesday, slipping back into bearish territory. Central Bank of Nigeria data showed the naira weakened to N1,370.64 per dollar, down from N1,369.11 traded the previous day. This represents a day-to-day drop of N1.53.

At the black market, the naira remained flat at N1,400 per dollar on Tuesday, the same rate recorded on Monday. The development comes as Nigeria's foreign reserves surged by $51.14 billion on Monday.

Recall that the naira had gained against the dollar on Monday before reversing course on Tuesday.

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