On Tuesday, the Naira weakened at the official market, trading at N1,300.15 per dollar. This represents a significant depreciation of N65.66 (5.3%) compared to the previous trading day, when the exchange rate stood at N1,234.49 per dollar.

Data from the FMDQ Exchange, the platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), revealed this devaluation.

Despite the currency’s decline, the total daily turnover increased from $110.17 million on Monday to $133.65 million on Tuesday.

Meanwhile, at the Investor’s and Exporter’s (I&E) window, the Naira traded within a range of N1,317.00 and N1,000.00 against the dollar. CONTINUE READING