Naira Falls Further Against US Dollar in Official Markets

Naira Falls Further Against US Dollar in Official Markets
Naira Falls Further Against US Dollar in Official Markets

The Nigerian Naira has suffered a further decline, trading at N1,416.57 against the US dollar in the official market as of Tuesday.

According to data from the Financial Markets Dealers Quotation (FMDQ) Exchange, which monitors the Nigerian Autonomous Foreign Exchange Market (NAFEM), this represents a decrease of N62.36 or a 4.60% drop from Monday’s exchange rate of N1,354.21 to the dollar.

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Additionally, there was a significant increase in the total daily foreign exchange turnover, which soared to $160.77 million from the previous day’s $84.83 million.

The Naira also saw fluctuations at the Investors and Exporters window, where it was traded for as high as N1,445 and as low as N1,301 against the dollar.

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