Nigeria’s troubled currency, the naira on Tuesday experienced a decline in both the official market and the parallel market.
At the Nigerian Autonomous Foreign Exchange (NAFEM) window, it closed at N1,416.57/$1, marking a depreciation of N62.36 compared to the previous rate of N1,354.21/$1 on Monday.
Meanwhile, the parallel market closed at N1,450/$1, representing a decrease of N20 from the previous rate of N1,430/$1 on Monday.
The daily turnover recorded an increase in transactions of 89.5 percent, to $160.77million on Tuesday compared to the $84.83 million recorded on Monday.
Furthermore, the highest spot rate observed on Tuesday stood at N1,445, with the lowest spot rate recorded at N1,301.
Nume Ekeghe
Follow us on:
