The Nigerian Naira experienced a depreciation in value against the US Dollar at the official Nigerian Autonomous Foreign Exchange Market on Tuesday, with the exchange rate dropping to 1,523.85 Naira per Dollar. This represents a decline from the previous day’s close of 1,509.67 Naira per Dollar.
The depreciation of the Naira comes amid ongoing concerns about the stability of the Nigerian economy, as well as the impact of external factors such as fluctuations in global oil prices and shifts in foreign investor sentiment.
PUNCH
NAFEM is the market trading segment for Investors, Exporters, and End-users that allows for forex trades to be made at exchange rates determined by prevailing market conditions.
The naira traded at an intra-day high of 1,540.75 and a low of 1,474.05 to a dollar. Turnover stood at $133.46m higher than $116.88m on Friday, indicating improved liquidity in the market.
On the parallel market, The PUNCH findings revealed that the naira depreciated by 0.33 per cent, ending the day at 1,528 per dollar compared to 1,523 per dollar on Friday.
