Naira depreciates to N1,416/$ at official market

Getty Images/Getty Images/iStockphoto

This represents a 4.60 per cent loss when compared to the previous trading date on Monday when it exchanged at N1,354.21 to a dollar

Staff Writer, Nigerian Tribune

May 8, 2024

PHOTO

The Naira on Tuesday depreciated further at the official market, trading at N1,416.57 to the dollar.

Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), showed that the Naira lost N62.36.

This represents a 4.60 per cent loss when compared to the previous trading date on Monday when it exchanged at N1,354.21 to a dollar.

Related PostsAkpabio blames Emefiele for Nigeria’s wobbling economyInsurance sector must play pivotal role in achieving $1trn economy —OmosehinManaging the trilogy of inflation, growth and FX

However, the total daily turnover increased to 160.77 on Tuesday, up from 84.83 million dollars recorded on Monday.

Meanwhile, at the Investor’s and Exporter’s (I&E) window, the Naira traded between N1,445 and N1,301 against the dollar.

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.