The naira traded around the N1,600/$ mark on Tuesday in the unofficial market and depreciated to N1,550/$ in the Nigerian Foreign Exchange Market (NFEM).
CBN data showed the Nigerian currency weakened to N1,550/$ from N1,547/$ last Friday.
The Naira’s fundamental outlook sharply blurred when oil prices fell below $70 a barrel, amid tension easing in the Middle East.