Business
Naira experiences biggest devaluation at official market
Nigerian currency has experienced its biggest devaluation at the official market as the Central Bank of Nigeria struggles to meet demands at the official market.
Data from FMDQ securities shows that Naira closed Tuesday’s trade, the first for the week at N441.17 to a dollar, a 0.45 percent depreciation when compared to N439.17/$ reported on Friday last week.
Tuesday’s exchange rate is the lowest in history, which again shows the pressure in the foreign exchange market.
The pressure was clearly evident as forex supply to the market dropped by 26.11 percent to $73.66 million compared to $99.70 million recorded last week.
Meanwhile at the black-market data from Naira rates showed that traders closed Tuesday trade at N716.82 to a dollar.
Against the British Pounds it ended at N873.29 and the Euro went for N740.6.
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