See Exchange Rate Tonight As Naira Depreciates Against Dollar At Official Market

Naira fell against the U.S. dollar at both the official and parallel market on Tuesday after the local currency recorded a gain against the dollar in the official market the previous day.

The domestic currency depreciated 9.73% to close at N830.97 to a dollar at the close of business on Tuesday, data from the NAFEM where forex is officially traded, showed.

This represents an N80.83 loss or a 9.73% decline in the local currency compared to the N750.14 it closed on Monday.

The intraday high recorded was N1121/$1, while the intraday low was N600/$1, representing a wide spread of N521/$1.

See Exchange Rate Tonight As Naira Depreciates Against Dollar At Official Market

According to data obtained from the official NAFEM window, forex turnover at the close of the trading was $122.46 million, representing a 30.72% decrease compared to the previous day.

Similarly, the naira at the parallel forex market where forex is sold unofficially, the exchange rate depreciated by 0.44%, quoted at N1140/$1, while peer-to-peer traders quoted around N1146.08/$1.

To address these challenges and stabilize the exchange rate, the Central Bank of Nigeria (CBN) has implemented various measures, including raising interest rates and restricting access to foreign exchange. However, the effectiveness of these measures remains to be seen.

BY IYABO AINA

Publisher Of News Rain Nigeria