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Naira Depreciates Further to New Low Against Dollar.

Naira Depreciates Further to New Low Against Dollar.

The Nigerian Naira plummeted further against the U.S. dollar at the official market on Tuesday, a day after the currency recorded an insignificant gain at the spot market.

According to information released by the Nigerian Autonomous Foreign Exchange Fixing NAFEX, where forex is officially traded, naira which opened at N427.30 closed at N431.00 to a dollar on Tuesday. This signified a N3.87 or 0.90 �valuation from the N427.17 it exchanged in the last session on Monday.

The naira fluctuated to an intraday high of N414.00 and fell to a low of N444.00 before closing at N431.00 per $1 on the second business day of the week, which was yesterday. Forex turnover at the market on Tuesday fell by 35.40 percent with $58.03 million posted at the close of the market against the $89.79 million recorded in the previous session on Monday.

This is the lowest rate the Nigerian currency has traded at the NAFEX window this year. The new record is 0.2 percent lower than the N430.33 weakest rate the currency closed at on 15 July.

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Amidst forex scarcity, the naira has been trading at weak rates in the past weeks and months at both the official and parallel market segments.

According to NAFEX, within the last six months, naira exchanges with the U.S dollar have been in the range of N417 and N430.33 benchmarks before plummeting to a new low of N431.00 at the official market on Tuesday.

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