Naira depreciates further to N710/$1

Both official and unofficial currency exchanges saw continued depreciation of the Nigerian currency.

The naira, which started the trading day at N427.30 to the dollar and ended it at N431.00, according to data supplied by the Nigerian Autonomous Foreign Exchange Fixing (NAFEX), where currency is legally transacted.

The decrease represents a N3.87 or 0.90 percent depreciation from the N427.17 it traded for on Monday at the official market.

According to FMDQ Securities, where Naira is officially traded, the bad performance of the Naira was caused by a decline in forex turnover at the market, where dollar supply fell by 35.40% to $58.03 million from the $89.79 million recorded in the previous session on Monday.

At the Black market traders sold the dollar between the N670 and N685 mark, taking advantage of the low dollar circulation.

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