Naira slides at official market


The naira weakened slightly against the U.S. dollar at the I&E window of the foreign exchange market on Tuesday, data posted on the FMDQ Security Exchange window where forex is officially traded showed.

The domestic unit closed at N411.00 at the trading session of the NAFEX window on Tuesday.

This happened as foreign exchange supply plummeted significantly.

According to data posted, the local unit performance represents a N1.00 or 0.24 per cent devaluation from N410.00 the rate it traded in the previous session on Friday, last week.

The currency experienced an intraday high of N395.00 and a low of N422.00 before closing at N411.00 on Tuesday.

The forex turnover on Tuesday depreciated by 25.03 per cent, with $42.59 million recorded as against the $56.81 million posted in the previous session on Friday last week.

The last time the domestic currency closed at N411.00 was on April 29 last week.

However, the naira remained stable at the parallel market.

ALSO READ: Naira appreciates further at official market

It remained unchanged against the U.S. dollar at the unofficial market on Tuesday, data posted on abokiFX.com, a website that collates parallel market rates…



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