BREAKING: Naira Falls Massively, Exchanges Above N1,500/$ At Official Market

Naira has fallen massively and is currently exchanging above N1,500/$ at the official market.

 

Having depreciated to N1,478.11 to the dollar on Monday,

NewsOnline Nigeria reports that the value of the naira continued its downward slide on Tuesday at the Nigeria Foreign Exchange Market (NAFEM) and at the parallel market closing at N1,520.40 to the dollar at the official end of the market following Monday’s depreciation to N1,478.11/$.

This Nigeria news platform understands that the value of the naira also depreciated to N1,501 to the greenback on the streets at the end of Tuesday’s trading activities compared to N1,485 to the dollar which it sold on Monday despite the Economic and Financial Crimes Commission (EFCC) continued arrest of money changers across Lagos.

 

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At the official end of the market, the naira recorded a N42.29 or 2.9 per cent depreciation as it closed at N1,520.40 to the dollar having recorded a 0.8 per cent depreciation on Monday when it closed at N1,478.11 to the dollar, recording a N11.8 loss compared to N1,466.31 which closed on Friday.

 

Furthermore, NewsOnline Nigeria reports that the turnover at the NAFEM declined from $217.64 million recorded on Tuesday to $128.76 million at the close of trading activities. Intraday trading activities saw deals consummated at the highest spot rate of N1,568 and the lowest being N1,350 compared to the highest spot rate on Monday which stood at N1,515, with the lowest spot rate recorded at N1,301.