Naira has depreciated to a record low of N464.67 per dollar, the lowest ever recorded at the Investors and Exporters (I&E) forex window, Nigeria’s official foreign exchange (FX) market.
The naira weakness followed increased demand for the dollar by the end users for importation and travel allowances.
The depreciation of the naira on Tuesday was 0.14 percent lower than N464/$1 recorded on Monday, data from the FMDQ indicated.
The daily foreign exchange market turnover, which reflects the volume of trading at the I&E window, closed at $127.72 million on Tuesday.
Read also: Equities market rises further by 0.31%
At the parallel market, also known as the black market, the naira weakened by N1 to trade at N746 on Wednesday from N745 on Tuesday.
The FX market opened on Monday with the naira trading at N745 per dollar on the black market.
This is the same rate it closed on Friday after losing 1.07 percent of its value within two days last week.
Naira which had steadied at N738/dollar at the beginning of last week, depreciated to N746/$ on Thursday, following increased demand for dollars by importers.
