Naira depreciated against the US dollar on Tuesday to close at N411.50 to a dollar, representing a 0.1% loss compared to N411.07/$1 recorded on Monday, at the official Investors and Exporters (I&E) Window.
However, the naira remained stable against the US dollar on Tuesday at the parallel market to close at N502 to a dollar. This was the same rate that was recorded on Monday, June 7, 2021.
The dollar supply dropped significantly by 58.5% as panic buying and speculation persists in the forex market.
An exchange rate of N421.96 to a dollar was the highest rate recorded during intra-day trading before it closed at N411.50/$1, while it also sold for as low as N400/$1 during intra-day trading.
Meanwhile, forex turnover at the Investors and Exporters (I&E) window also dropped by 58.5% on Tuesday.
Data from FMDQ revealed that forex turnover declined from $151.37 million recorded on Monday to $62.79 million on Tuesday.
