Naira Drastically Reduces To Fresh Low Against Dollar

Naira Drastically Reduces To Fresh Low Against Dollar

Naira fell against the U.S. dollar at the official market on Tuesday, a day after the currency recorded a slight gain at the spot market.

According to data published on the FMDQ website where forex is officially traded, naira which opened at N427.30 closed at N431.00 to a dollar on Tuesday.

This represents a N3.87 or 0.90 per cent devaluation from N427.17 it exchanged in the previous session on Monday.

The currency oscillated to an intraday high of N414.00 and stooped to a low of N444.00 before closing at N431.00 per $1 on Tuesday, the second business day of the week.

Forex turnover at the market on Tuesday dropped by 35.40 per cent with $58.03 million posted at the close of market against the $89.79 million recorded in the previous session on Monday.

This is the weakest rate the currency has traded at the Nafex window this year. The new record is 0.2 per cent weaker than the N430.33 weakest rate the currency closed at on 15 July.

Amidst forex scarcity, the local currency has been trading at weak rates in recent weeks and months at both the official and parallel market segments.

Check Out Black Market Dollar To Naira Exchange Rate Today 26th July 2022

Within the past six months, naira exchanges with the U.S dollar have been in the range of N417 and N430.33 benchmarks before touching a new low of N431.00 at the official market on Tuesday.

Meanwhile, Onyxnewsng gathered at the black market on Wednesday morning, currency dealers exchanged a dollar at N670 and N685 and above.