Naira depreciates again to US dollar despite increase in fx supply

For the second day running, the Nigerian currency, the Naira, depreciated against the US dollars at the Investors and Exporters window.

Data from FMDQ securities where Naira is officially traded showed the exchange rate on Tuesday closed at N430.67 to a dollar.

The figure represented a decrease of 0.29 per cent, compared with N429.43 it exchanged for the dollar on Monday.

The data revealed that the market opened Tuesday at N429.09 and exchanged as high as N444 during trading before it settled at N430.67.

Naira’s poor performance occurred despite an increase in the amount of forex supply to the market.

Read also: Naira closes at N685/$1 amidst foreign airlines’ pressure on currency

FMDQ reports that a total of $175.67 million was traded among participants.

Meanwhile, on the black market, the pressure continue as Naira closed at N690/$1 on Tuesday.

It is expected that the pressure will continue on Naira until the country’s forex challenges are resolved.

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now