Naira tumbled against the dollar on Tuesday, January 16th, 2024, in both the official and black markets.
The domestic currency depreciated 4.72% to close at N878.57 to a dollar at the close of business, based on data from NAFEM where forex is officially traded.
This represents an N39.62 loss or a 4.72% decrease in the local currency compared to the N838.95 closed the previous day.
The intraday high recorded was N1299.50/$1, while the intraday low was N720.50/$1, representing a wide spread of N579/$1.
According to data obtained from the official NAFEM window, forex turnover at the close of the trading was $147.81 million, representing a 460.52% increase compared to the previous day.
Similarly, the naira depreciated at the parallel forex market where forex is sold unofficially, the exchange rate quoted at N1280/$1, representing a 1.17% decrease over what it closed the previous day, while peer-to-peer traders quoted around N1325.64/$1.
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