Naira slumps at official market, closes at N830/$1

The naira slumped against the dollar at both the official and parallel markets on Tuesday.

The local currency depreciated by 9.73 percent to close at N830.97 to a dollar on Tuesday, data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) showed.

This represents an N80.83 loss in the local currency compared to the N750.14 it closed on Monday. 

The intraday high recorded was N1121/$1 while the intraday low was N600/$1, representing a wide spread of N521/$1. 

According to NAFEM, the forex turnover at the close of the trading was $122.46 million.

READ ALSO: Naira rises against dollar at official window, trades at N750/$1, $1140/$1 at parallel market

This represented a 30.72% drop in turnover compared to the previous day. 

Similarly, the naira at the parallel forex market, the exchange rate depreciated by 0.45 percent quoted at N1150/$1 while peer-to-peer traders were around N1156.08/$1. 

The naira also slumped against the British Pound to hit ₦1,440/£1 while the Euro maintained the previous day’s rate of ₦1,177.85/€1.

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