Naira down to N758 at parallel market

Naira down to N758 at parallel market

Naira weakened across both the authorised and unauthorised markets on Tuesday.

Naira fell against the U.S. dollar at both the official and unofficial markets on Tuesday, slipping to a record low at the unauthorised market amidst continuing scarcity and high demand of the greenback.

Naira which commenced trading at N440.58 per $1 at the spot market declined to N441.67 per dollar at the close of sales, data published on FMDQ websites, where forex is officially traded, showed.

This implies a 0.07 per cent devaluation from N441.38 it exchanged in the previous session on Monday.

Foreign exchange supply rose to $79.41 million on Tuesday, representing 101.2 per cent increase from $39.47 million on Monday.

Similarly, the local unit crashed significantly at the street market on Tuesday, parallel market exchange rates reviewed across states showed.

Currency dealers at the Abuja Zone 4 market said the dollar was exchanged at N758.00 on Tuesday as against N755.00 it traded on Monday. It sold at N761.00 and above on Tuesday evening, the traders said.

“It was trading at N760.00 per $1 in the morning, but it dropped to N758.00 for $1 this evening. I don’t know if it will continue to increase or decrease by tomorrow,” a currency dealer at the market told our correspondent.