Naira tumbles against US dollar at forex market


The Naira has depreciated against the US dollar at the foreign market barely 24 hours after respite.

Data from FMDQ showed that the Naira dropped to N878.57 on Tuesday from N838.95 per dollar on Monday.

The figure represents a N39.62 or 4.72 per cent loss in the local currency compared to the N838.95 it closed on Monday.

The country’s currency also dropped at the parallel market, which quoted at N1280 per dollar on Tuesday, representing a 1.17 per cent decrease over what it closed on Monday.

This comes despite a 460.52 per cent forex turnover rise to $147.81 million at the end of Tuesday’s trading.


The depreciation at the official forex market comes after the Nigerian government received a $2.25 billion foreign exchange boost loan from the African Import-Export Bank over a week ago.

The Naira, the currency of Africa’s largest economy, has been fluctuating in the forex market since the Central Bank of Nigeria floated the country’s currency on June 14 last year.

Newspot also reported that Nigeria’s headline inflation soared for the twelve consecutive time to 28.92 per cent in December.


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