Naira slumps further at official, parallel markets, now N1140/$1

For the second consecutive day, the naira slumped against the US dollar at both the official and parallel markets.

The exchange rate between the Nigerian currency and the American greenback fell to N850.22/$1 on Tuesday at the official Nigerian Autonomous Foreign Exchange Market (NAFEM) window.

This represents a loss of N54.81 representing a 6.45% decline in the local currency compared to the N795.41 it opened the week on Monday.

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The intraday high recorded was N1099.01/$1, while the intraday low was N701.00/$1, representing a wide spread of N398/$1.

According to data obtained from the official NAFEM window, forex turnover at the close of the trading was $143.55 million, representing a 16.47% increase compared to the previous day.

Similarly, the naira weakened at the parallel forex market where forex is sold unofficially, the exchange rate depreciated by 0.44%, quoted at N1140/$1, while peer-to-peer traders quoted around N1126.55/$1.

Meanwhile, the British Pound has recorded a slight depreciation against the naira to ₦1,350/£1 while the Euro also slumped against the naira to ₦1,123/€1.