Lagos, Nigeria – The Naira suffered a notable loss on Tuesday, depreciating by N106.05 at the official foreign exchange (FX) market, with turnover declining by 36.62 percent.
At the close of trading, the Naira was quoted at N1,658.97 against the dollar, marking a 6.4 percent drop from N1,552.92 on Monday, according to data from the FMDQ Securities Exchange Limited. This decline in the Naira’s value reflects ongoing pressures in the FX market.
The market turnover fell sharply to $217.86 million on Tuesday from $343.71 million recorded on Monday, indicating reduced trading activity at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
The FMDQ’s market summary noted that the intraday high for the dollar reached N1,670.50 on Tuesday, slightly down from N1,682 the previous day. Conversely, the intraday low closed at N1,566.29, a decrease from N1,540 on Monday.
In the parallel market, the Naira remained steady at approximately N1,700, according to online FX platforms and street traders.
This depreciation highlights the ongoing challenges facing Nigeria’s currency and the FX market, as economic factors continue to exert influence on trading dynamics.
