Naira depreciates further to N685/$1

Naira depreciates further to N685/$1

The Nigerian currency depreciated further at the official and unofficial currency markets.

 

According to data released by the Nigerian Autonomous Foreign Exchange Fixing (NAFEX) where forex is officially traded, the naira which opened at N427.30 closed at N431.00 to a dollar at the end of trading on Tuesday, July 26.

 

The fall signifies a N3.87 or 0.90 per cent devaluation from N427.17  that it sold for at the official market on Monday.

 

 

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Analysts say the poor performance of Naira occurred as a result of a drop in forex turnover at the marketas dollar supply dropped by 35.40 per cent to $58.03 million as against the $89.79 million recorded in the previous session on Monday according to FMDQ securities where Naira is officially traded.
 

At the Black market traders sold the dollar between the N670 and N685 mark, taking advantage of the low dollar circulation.