The exchange rate between Naira and the US Dollar closed at N411/1$ in the Importers and Exporters window, where forex is traded officially.
According to data posted on the FMDQ Security Exchange, the naira exchanged on Tuesday at 0.31 percent depreciation from N409.75, the rate at which the naira closed at the previous session on Monday.
Market participants on Tuesday bid for U.S dollar between N400.00 and N436.81, before closing at N411.00.
Read also: Naira closes week stronger to the dollar
During Tuesday trading, forex turnover increased by 18.04 per cent, with $53.53 million recorded as against the $45.35 million on Monday.
Meanwhile at the black market on Tuesday, the exchange rate of the naira against the U.S dollar remained unchanged at N482/$1, according to data from abokiFX.
After Tuesday trading the difference between the black market and the I&E window exchange rate was N71.00.
Join the conversation
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.
INVESTIGATION: Inside UNILAG’s multi-million naira budgetary abuse and academic discord
The University of Lagos located in Nigeria’s commercial capital, Lagos, has been embroiled in controversies with allegations bothering on misappropriation of...
SPECIAL REPORT: Displaced residents of Zamfara battle hunger, as underfunding derails Nigeria’s nutrition goals
On paper, Muhammad Zayyanu is seven years old. The quiet boy who looks shorter for his age could not recollect...
INVESTIGATION: N7.3bn paid for unnamed projects; how Nigerian govt spent N2.2trn in six months
Analysing nearly 3,000 payments made by various Federal Government Ministries, Departments and Agencies (MDAs) over the previous six months (January...
INVESTIGATION… Delay rocks Nigerian govt’s promise of N30,000 covid-19 relief for artisans, others
Before the outbreak of the COVID-19 pandemic in February, 2020, Chukwudi Okoroigwe’s daily earnings as a bus driver was hardly enough to cater to the...
INVESTIGATION… Ten years after, communities count losses as AfDB, Cross River govt abandon road project
Ten years after the Cross River State government and African Development Bank (AFDB) jointly awarded the Yahe-Wanokom-Wanikade-Benue border road for...