The Nigerian Naira experienced a depreciation in value at the official market on Tuesday, trading at N1,416.57 to the dollar. Data from the FMDQ Exchange, the platform overseeing the Nigerian Autonomous Foreign Exchange Market (NAFEM), revealed a loss of N62.36, representing a 4.60% decrease compared to the previous trading day when it traded at N1,354.21 to a dollar.
Despite the depreciation, the total daily turnover increased significantly to $160.77 million on Tuesday, up from $84.83 million recorded on Monday.
Meanwhile, at the Investor’s and Exporter’s (I&E) window, the Naira traded between N1,445 and N1,301 against the dollar, indicating continued volatility in the foreign exchange market.
