The value of Nigerian currency depreciated heavily against the US dollar across all foreign exchange markets on Tuesday.
In the Investors and Exporters (I&E) segment of the foreign exchange (forex) market on Tuesday, the Naira depreciated against the greenback by 67 Kobo or 0.15 per cent to trade at N461.67/$1 compared with the previous day’s N461.00/$1.
The value of the Naira slumped despite the FX trades declining by 67.04 per cent or $140.06 million to $68.85 million from the preceding day’s $208.91 million, according to data from FMDQ Securities Exchange.
Also, at the Peer-2-Peer (P2P) window, the local currency lost N1 against the US Dollar to sell for N765/$1 versus the previous session’s N764/$1.
Similarly, in the parallel market, the domestic currency depreciated against its American counterpart by N1 to settle at N754/$1, in contrast to the N753/$1 it was exchanged a day earlier.
However, in the interbank segment, the Naira gained N2.26 against the Pound Sterling to close at N556.13/£1 compared with Monday’s rate of N558.39/£1, and on the Euro, it appreciated by N1.16 to N492.18/€1 from N493.34/€1.
