Naira Slips Further at Black Market
The Nigerian currency, Naira, on Tuesday fell substantially to N1,050 to a dollar at the unofficial foreign exchange market.
The rate implies N10.00 depreciation from N1,040 the local unit exchanged at the unauthorised window on Monday.
Meanwhile, the naira is sold at N1,060 per $1 at the parallel market segment, as demand for the greenback remains at large amidst shortfall in supply.
Similarly, the naira weakened at the Investors and Exporters (I&E) window, data published on FMDQ website on Monday showed.
According to the data posted on the website, the naira closed at the spot market at N778.80 per $1 on Monday, after experiencing an intraday high of N700.00 and a low of N842.00 within the business period with $43.09 million recorded as foreign exchange supply at the session.
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