The Nigerian currency, Naira, has persisted in its downward trend against the United States dollar, despite the Central Bank of Nigeria's (CBN) efforts to stabilize the exchange rate.

According to data from the FMDQ, the Naira depreciated slightly to N1509.45 against the dollar on Tuesday, compared to N1508.99 on Monday. This represents a marginal loss of N0.46.

In the parallel market, the Naira traded flat against the dollar at N1515 on Tuesday, indicating a lack of significant movement in the exchange rate.

The development comes despite the CBN's recent warning to banks and licensed Bureau De Change operators against rejecting lower or old denomination dollar notes. The apex bank had emphasized the need to accept all denominations of the US currency to ensure the stability of the foreign exchange market.

The foreign exchange transactions turnover at the official FX market stood at $213.31 million on Tuesday, indicating a moderate level of activity in the market.

The continued depreciation of the Naira against the dollar has raised concerns about the impact on the country's economy, particularly on importers and businesses that rely on foreign exchange. The CBN's efforts to stabilize the exchange rate have yet to yield significant results, and the market continues to watch with bated breath for any signs of improvement.