The exchange rate between Naira and the US dollar closed, yesterday, at N411.75/$1 at the official Investors and Exporters window.
This represents a 95kobo or a 0.28% decline compared to N410.8/$1 recorded on Friday.
Also, the naira depreciated at the parallel market to close at N505/$1 on Tuesday as against N502/$1 recorded on Monday, while Nigeria’s foreign reserve position slumped to its lowest in over two years. Forex turnover increased by 85.6% to stand at $172.24 million on Tuesday.
The opening indicative rate closed at N411.46 to a dollar on Tuesday, representing a 90 kobo decline when compared to the N410.56/$1 recorded on Friday.
Also, an exchange rate of N420.97 to a dollar was the highest rate recorded during intra-day trading, before it settled at N411.75/$1. It also sold for as low as N400/$1 during intra-day trading, the same as recorded in over a week.
Forex turnover at the Investors and Exporters (I&E) window increased by 85.6% on Tuesday.
Data tracked from FMDQ showed that forex turnover increased from $92.78 million recorded on Friday to $172.24 million on Tuesday.Follow us on social media