Naira slides further against dollar as FX scarcity persists

The Nigerian currency, Naira, continued its poor performance against the United States dollar as forex scarcity piled more pressure on the official foreign exchange market Tuesday.

Data from the FMDQ Securities showed that the Nigerian currency closed with N430.67 at the Investors and Exporters (I&E) window on Tuesday.

This represented a 0.15 percent drop in value when compared to the N430/$ recorded at the official market on Monday.

A total of $50.40 million was traded by participants at the official market on Tuesday, a massive drop from $134.30 million traded on Monday.

Naira closed at N680 to a dollar on the black market Tuesday.