Naira slumps to N881.88/$1 at official window

The free-fall of the naira continued unabated at both the official and parallel markets on Tuesday.

The Nigerian currency depreciated by 7.63% to close at N881.88/$1 in the official Nigerian Autonomous Foreign Exchange Market (NAFEM) window.

This represents a N67.28 decline in the local currency compared to the N814.60 it closed on Monday.

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The intraday high recorded was N1159/$1, while the intraday low was N701/$1, representing a wide spread of N458/$1.

According to data obtained from the official NAFEM window, forex turnover at the close of the trading was $118.06 million, representing a 17.99% increase compared to the previous day.

Similarly, the naira weakened in the parallel market where forex is sold unofficially.

The exchange rate was N1160/$1, while peer-to-peer traders were quoted at N1163.18/$1.

For the second day running, the naira maintained the same rate against the Pound, Euro and the Canadian dollar at ₦1,460/£1, ₦1,177.85/€1 and N900/CA$1 respectively.