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Naira Weakens by 4.6% Against Dollar in Official Market

The naira experienced a notable decline against the dollar in the official market on Tuesday, settling at N1,416.57 per dollar, marking a significant decrease of N62.36 compared to the previous trading day’s rate of N1,354.21.

 

Data from the FMDQ Exchange, responsible for overseeing the Nigerian Autonomous Foreign Exchange Market (NAFEM), revealed this downturn, reflecting a 4.60% loss.

 

Despite this depreciation, the total daily turnover saw an increase, reaching 160.77 million dollars on Tuesday, up from 84.83 million dollars recorded on Monday.

 

In the Investor’s and Exporter’s (I&E) window, the naira traded within the range of N1,445 to N1,301 against the dollar.

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