Naira loses further at official market

Naira slipped further against the U.S. dollar at the official market on Tuesday, extending its depreciation at the spot market segment to a second day.

The local currency closed at N416.67 to a dollar at the close of trade on Tuesday, data posted by FMDQ where forex is officially traded, showed.

This implies a N0.17 or 0.04 per cent devaluation from N416.50 it exchanged in the previous session on Monday.

The currency hovered within an intraday high of N410.00 and a low of N444.00 before closing at N416.67 on Tuesday.

Foreign exchange supply dipped by 40.40 per cent, with $74.56 million recorded at the close of business on Tuesday as against $125.10 million published in the previous session on Monday.

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At the Uyo black market, exchangers traded the naira with the greenback currency at N570.00 per $1 and sold at N575.00 on Tuesday.

In a similar manner, Abuja parallel market dealers said they exchanged the naira with the U.S. dollar at N570.00 per $1 and sold N571.00 on Tuesday.