Again, naira weakens against dollar

On Tuesday, March 16, 2021, Naira depreciated against the U.S dollar at the Investors & Exporters (I&E) window of the foreign exchange market, according to data extracted from the FMDQ Security Exchange where currencies are officially traded.

Naira closed at N409.75 which shows the local currency (Naira) weakened by N0.85 or 0.20 per cent per dollar from the N408.90, the rate it closed at the previous session on Monday.

Read also: Naira remains at N485 per dollar

Forex turnover also dropped by about 36.1 percent to $32.33 million indicating continued pressure on the foreign exchange market.

Also, the exchange rate at the black market where forex traded unofficially remained at N485 per dollar, the same rate for three consecutive days according to Aboki fx data.

The exchange rate disparity between the parallel market and the official market is now about N75.25 after Tuesday’s trading.

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