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.
ALSO READ: EXCLUSIVE: Malami secretly awards multi-billion naira assets recovery contract to firm
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.
Support PREMIUM TIMES' journalism of integrity and credibility
Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.
For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.
By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.
TEXT AD: Call Willie - +2348098788999