Naira Depreciates To New Low Against Dollar

Category: Business News

Naira has fallen further against the U.S. dollar at the official market on Tuesday, a day after the currency recorded an insignificant gain at the spot market.

According to data released by the The Nigerian Autonomous Foreign Exchange Fixing (NAFEX), where forex is officially traded, naira which opened at N427.30 closed at N431.00 to a dollar on Tuesday.

This signifies a N3.87 or 0.90 per cent devaluation from N427.17 it exchanged in the previous session on Monday.

The naira fluctuated to an intraday high of N414.00 and stooped to a low of N444.00 before closing at N431.00 per $1 on the second business day of the week, which was yesterday.

Forex turnover at the market on Tuesday dropped by 35.40 per cent with $58.03 million posted at the close of market against the $89.79 million recorded in the previous session on Monday.

This is the weakest rate the currency has traded at the NAFEX window this year. The new record is 0.2 per cent weaker than the N430.33 weakest rate the currency closed at on 15 July.

Amidst forex scarcity, the naira has been trading at weak rates in recent weeks and months at both the official and parallel market segments.