On Tuesday, the Nigerian Naira recorded a significant decline against the US Dollar in the official market.
According to data from the FMDQ Exchange, the Naira closed at N1,658.97 to the dollar, marking a loss of N106.05 compared to the previous trading day on Monday, when it was valued at N1,552.92.
This drop represents a 6.82% depreciation in just one day, signaling increased pressure on Nigeria’s local currency.
Another significant development is the drop in total daily turnover, which refers to the total value of transactions conducted in the foreign exchange market.
On Tuesday, the turnover reduced to $217.86 million, a noticeable decline from the $343.71 million recorded on Monday.
This shows a sharp reduction in the volume of trade, indicating that fewer transactions took place, potentially due to reduced foreign exchange supply or other market dynamics.
Additionally, at the Investor’s and Exporter’s (I&E) window, the Naira fluctuated between N1,670.50 and N1,556.29 against the dollar, reflecting further volatility.
