The Nigerian currency Naira on Tuesday depreciated at the official market, trading at N1,300.15 to the dollar yet again.

Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), revealed that the Naira lost N65.66.

This represents a 5.3 per cent loss when compared to the previous trading date on Monday, April 22, when it exchanged at N1,234.49 to a dollar.

This development is coming amidst promises by the Nigerian Government to stabilize the naira after several financial reforms.

More to come…