The Naira, on Tuesday, reported a loss of N106.05 at the official foreign exchange (FX) market as turnover declined by 36.62 percent.
At the close of trading on Tuesday, the naira depreciated by 6.4 percent as the dollar quoted at N1,658.97 compared to N1,552.92 on Monday at the Nigerian Autonomous Foreign Exchange Market (NAFEM), according to data obtained from the FMDQ Securities Exchange Limited.
The FX market turnover declined by 36.62 percent to $217.86 million on Tuesday from $343.71 million recorded on Monday at the NAFEM.
According to the market summary released by the FMDQ, the intraday high appreciated to N1,670.50 on Tuesday compared to N1,682 on Monday. The intraday low closed at N1,566.29, lower than N1,540 closed on Monday.
Meanwhile, the local currency maintained its position at N1,700 in the parallel market—often referred to as the black market—according to data from online FX platforms and street traders.
Join BusinessDay whatsapp Channel, to stay up to date
Open In Whatsapp
