HomeBusinessNaira Extends Losses at Forex Markets

Naira Extends Losses at Forex Markets

Forex turnover traded within the business period plummeted by 40.84 per cent ($128.76 million) from $217.64 million recorded in the previous segment on Monday.

Meanwhile, the naira experienced an intraday high of N1,350.00 and a low N1,568.00 to a dollar before it finally closed at N1,520.40$1 at the authorised session of the FX market.

Naira depreciated against the United States dollar at both the authorised and unauthorised forex markets on Tuesday, according to market data reviewed by this newspaper.

Data published by FMDQ showed that the domestic currency closed at N1,520.40/$1 as against N1,478.11/$1 posted in the previous session on Monday.

The currency rate on Tuesday implies a N42.29 or 3.00 per cent depreciation from N1,478.11 recorded on Monday .

Similarly, the local currency fell at the parallel market on Tuesday, after it traded at N1,500 mark and above, as against the N1,400/$1 and above recorded on Monday.

According to the unofficial market data posted, the minimum rate the dollar traded at the parallel market on Tuesday was N1,503/$1, as against N1,488/$1 recorded on Monday.


Most Popular

Recent Comments