On Tuesday, the value of Nigerian currency fell sharply against the US dollar on all currency exchange platforms.
The Naira fell against the dollar by 67 Kobo or 0.15 percent in the Investors and Exporters (I&E) section of the foreign currency (forex) market, trading at N461.67/$1 as opposed to N461.00/$1 the day before.
The value of the Naira slumped despite the FX trades declining by 67.04 per cent or $140.06 million to $68.85 million from the preceding day’s $208.91 million, according to data from FMDQ Securities Exchange.
Likewise, at the Peer-2-Peer (P2P) window, the local currency lost N1 against the US Dollar to sell for N765/$1 versus the previous session’s N764/$1.
Similar to this, on the parallel market, the local currency lost value relative to the US dollar by N1, ending the day at N754/$1, down from N753/$1 the previous day.
As opposed to Monday’s rate of N558.39/£1, the Naira however appreciated by N2.26 in the interbank market to settle at N556.13/£1, and it increased by N1.16 to N492.18/€1 from N493.34/€1 versus the Euro.