Naira depreciates to N685/$1

The Nigerian currency has fallen significantly both at the official and unofficial markets.

According to data released by the Nigerian Autonomous Foreign Exchange Fixing (NAFEX), where forex is officially traded, naira which opened at N427.30 closed at N431.00 to a dollar on Tuesday.

This signifies a N3.87 or 0.90 per cent devaluation from N427.17 it exchanged in the previous session on Monday.

Read also: Naira hits N665 per dollar as demand intensifies

The poor performance of Naira occurred as a result of a drop in forex turnover at the market on Tuesday.

FMDQ securities where Naira is officially traded showed that dollar supply dropped by 35.40 per cent to $58.03 million as against the $89.79 million recorded in the previous session on Monday.

Black market traders took advantage of the forex scarcity to depreciate the Naira further.

Traders who spoke to Ripples Nigeria said Naira to the dollar now exchanges between the N670 and N685 mark and above.

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