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Naira Watch

Naira falls at official market, increases in value at black market

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Naira continues free fall against U.S dollar

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

Data from FMDQ securities where Naira is officially traded showed the exchange rate on Tuesday closed at N436.33 to a dollar.

Read also: Naira gains at official, black-market

The figure represented a decrease of 0.08 per cent, compared with N436 it exchanged for the dollar on Monday.

The data revealed that the market opened Tuesday at N434.93 and exchanged as high as N441 during trading before it settled at N436.33.

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

FMDQ reports that a total of $99.43 million was traded among participants compared to $78.10 million on Monday

Meanwhile, on the black market, Nigeria’s currency gained significantly, closing at N690/$1 on Tuesday compared to N722 on Monday.

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