Naira drops against Dollar, others at official exchange window

The exchange rate between Naira and the US Dollar closed at N411/1$ in the Importers and Exporters window, where forex is traded officially.

According to data posted on the FMDQ Security Exchange, the naira exchanged on Tuesday at 0.31 percent depreciation from N409.75, the rate at which the naira closed at the previous session on Monday.

Market participants on Tuesday bid for U.S dollar between N400.00 and N436.81, before closing at N411.00.

During Tuesday trading, forex turnover increased by 18.04 per cent, with $53.53 million recorded as against the $45.35 million on Monday.

Meanwhile at the black market on Tuesday, the exchange rate of the naira against the U.S dollar remained unchanged at N482/$1, according to data from abokiFX.

After Tuesday trading the difference between the black market and the I&E window exchange rate was N71.00.