Naira Depreciates by 0.81% to N1,592.06/$1 at Official Market

The Naira depreciated on the US Dollar by 0.81 per cent or N12.84 at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Tuesday, August 20.

The Naira depreciated against the US Dollar on Tuesday by 0.81 per cent or N12.84 at the Nigerian Autonomous Foreign Exchange Market (NAFEM).

According to data from the FMDQ Securities Exchange, the exchange rate of the local currency to its American counterpart yesterday was N1,592.06/$1 compared with the previous day’s N1,579.22/$1.

Also, the domestic currency lost N26.41 against the Pound Sterling during the trading day in the official FX market to trade at N2,067.87/£1 compared with Monday’s closing price of N2,041.46/£1 and weakened against the Euro by N23.03 to finish at N1,762.43/€1 versus N1,739.40/€1.

The Nigerian currency performed poorly on Tuesday amid a decline in the value of FX transactions in the spot market.

At the official market, the forex turnover stood at $152.26 million compared with the previous day’s $162.99 million, indicating a decrease of 6.6 per cent or $10.73 million.

However, the Naira maintained stability against the US dollar in the black market yesterday at N1,605/$1, according to data obtained by Business Post.

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