The Naira continued its depreciation trend on Tuesday, losing value against the US Dollar in both the official and parallel markets.
At the official Nigerian Autonomous Foreign Exchange (NAFEX) window, the Naira closed at N1,433/$1, marking an N14.03 decline from the previous day’s closing rate of N1,419.86.
However, the parallel market took a downward turn to close at N1,460 compared to the N1,450 it closed on Monday indicating an N10 loss in one day.
Furthermore, the official window recorded a daily turnover of $465.29 million on Tuesday, compared to $584.53 it recorded on Monday indicating a 20.42 per cent decline.
The highest spot rate recorded on Tuesday, was N1,519.78/$1 while the lowest spot rate recorded was N894.99/$1.
Nume Ekeghe
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