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Naira Watch

Naira down by 5.3%, exchanges for N1,300/$ at official market



Naira continues free fall against U.S dollar

The Naira on Tuesday traded for N1,300 to a dollar at the official market.

Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), revealed that the Naira lost N65.66 in today’s trading.

This represents a 5.3 percent loss when compared to the N1, 234.49 to a dollar the Nigerian currency traded on Monday.

READ ALSO: Nigeria’s FX reserve dips by $1.02b in 18 days as CBN continues to defend naira against dollar

However, the total daily turnover increased to $133.65 million on Tuesday up from $110.17 million recorded on Monday.

Meanwhile, at the Investor’s and Exporter’s (I&E) window, the Naira traded between N1,317.00 and N1,000.00 against the dollar on Tuesday.

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