Naira weakens further, now N505/$1

The Naira on Tuesday weakened further against the dollar at the parallel market.

Data from aboki FX showed the currency exchanged at N505 for a dollar as against N502 it traded on Friday.

Also the naira value dropped against the Pounds Sterling and Euro, to N716 and N608 to each of them, from N715 and N607 respectively.

The fall in Naira also occurred against the US dollar at the Investors and Exporters window on Tuesday.

Read also: Another day, another loss for Naira against U.S. dollar

Data posted on FMDQ website shows the exchange rate between naira and the US dollar closed at N411.75/$1.

This represents a 95kobo decline compared to N410.8/$1 recorded on Friday, last week.

On Tuesday, however, FOREX turnover surged by 85.6 percent to $172.24 million.

Meanwhile, data from the Central Bank of Nigeria shows Nigeria’s foreign reserves have plunged to $33.96 billion.

The last time foreign exchange reserves were lower than they are now was on May 4, 2020, at $33.89 billion.

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