Naira’s free-fall continues at official market

In what has become a trend, the Nigerian currency, Naira, dropped in value again on Tuesday to make it two straight days of poor performance.

Data from FMDQ securities showed that at the Investors and Exporters window, the Nigerian currency dropped by 0.12 percent to close Tuesday trade at N417 to a dollar in contrast to N416.50/$1 it opened the week.

During the day’s trading, participants bid a dollar for as high as N444 as the market experienced a drop in forex supply to $97.91 million compared to Monday’s $201 million.

It was the same performance for Naira against the British pounds as it also depreciated in value by N1.21 to sell for N547.12/£1 compared to the previously traded rate of N545.91/£1.

Against the Euro also, the Nigerian currency lost N5.29 to quote at N461.83/€1 in contrast to Monday’s exchange rate of N456.54/€1.

At the black market, Naira continued its rate at N588 to a dollar.