Connect with us

Business

Naira slides further against dollar as FX scarcity persists

Published

on

Naira closes strong against U.S dollar on Tuesday

The Nigerian currency, Naira, continued its poor performance against the United States dollar as forex scarcity piled more pressure on the official foreign exchange market Tuesday.

Data from the FMDQ Securities showed that the Nigerian currency closed with N430.67 at the Investors and Exporters (I&E) window on Tuesday.

This represented a 0.15 percent drop in value when compared to the N430/$ recorded at the official market on Monday.

READ ALSO: CBN reduces external reserves by $337m to defend naira

A total of $50.40 million was traded by participants at the official market on Tuesday, a massive drop from $134.30 million traded on Monday.

Naira closed at N680 to a dollar on the black market Tuesday.

Join the conversation

Opinions

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.

Donate Now

Click to comment

Leave a Reply

Your email address will not be published.

1 × 4 =

Investigations