The naira experienced a decline against the dollar in the foreign exchange market following the resumption of operations after the Eid-Ul-Mawlid holiday on Monday.

According to FMDQ data, the naira dropped to N1656.56 per dollar on Tuesday, down from N1,546.41 last Friday.

This marks a depreciation of N110.15 against the dollar compared to the previous week's exchange rate.

Conversely, in the black market, the naira appreciated by N5, closing at N1660 per dollar on Tuesday, up from N1,665 the prior week.

This shift occurred as foreign currency transaction turnover reached $100.39 million on Tuesday.

In recent weeks, the naira has shown volatility against the dollar in the foreign exchange market, despite interventions from the Central Bank of Nigeria.

Additionally, the National Bureau of Statistics reported that Nigeria's inflation rate eased for the second consecutive month to 32.15 percent in August.