Naira suffers further devaluation, now N409 to dollar
The naira closed at N409 to $1 at the Investors and Exporters window at the foreign exchange as dollar supply rose by eight percent on Tuesday.
Data from Nairametrics showed that the forex turnover at the window rose by 7.9 percent on Tuesday, with forex turnover increasing marginally from $28 million on Monday, to $30 million on Tuesday.
On Monday, the naira closed against the US dollar at N409 to $1, marking six consecutive days the currency closed in the N400 to $1 range and the highest it closed since December 2020.
At the parallel market, the naira remained the same as Monday, closing at N473/$1 on Tuesday.
The market closed at N406.54 to a dollar on Tuesday, depicting a drop by N1.41 compared to N405.13 to a dollar traded on Monday.
It peaked at N410 to $1 during the intra-day trading and sold as low as N390/$1 before closing at N409.67 to a dollar.
In December, the currency market closed with the exchange rate between the naira and dollar at N410 to $1 at the official NAFEX window.
At the N410.25/$1, the exchange rate officially depreciated by 11 percent for 2020.
The naira has now been devalued at least three times at the official investors’ and exporters’ window.
In March 2020, the exchange rate climbed from N307 to N360, then to N380 in August.
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