Naira plunges further against US dollar by N2.33 | Ripples Nigeria
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Naira plunges further against US dollar by N2.33

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NFIU pegs LGs daily cash withdrawal at N.5m

The exchange rate between the naira and the United State’s Dollar closed at N411.63/$1 at the Investors and Exporters window on Tuesday, March 2.

This represents a 0.59% drop or N2.33 when compared to N409.2 recorded on Monday.

Read also: Naira gains 0.26% against dollar after CBN admits currency devaluation

However, on the unofficial market, data posted on abokiFX.com, a website that collates parallel market rates in Lagos showed the domestic currency strengthened by N2.00 or 0.42 per cent to the dollars on Tuesday to close at N480/$1 on from the N482/$1 that it closed on the previous trading day.

Forex turnover at the Investor and Exporters (I&E) the window also rose by 142.7 percent on Tuesday, March 2, 2021.

According to the data from FMDQ, forex turnover increased from $24.38 million recorded on Monday, March 1, 2021, to $59.17 million on Tuesday, March 2, 2021.

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