Naira Slips To ₦1,653 As Dollar Supply Drops

The Nigerian naira depreciated again at the official segment of the foreign exchange market on Tuesday, 22 October 2024.

According to the Nigeria Autonomous Foreign Exchange Market (NAFEM) data published on the FMDQ Securities and Exchange platform, the naira closed trading at ₦1,653.02 per dollar at the official market. This reflects ₦49.86 or 3.11 per cent loss when compared to ₦1,603.16 recorded on Monday, 21 October.

This is the second time the local currency has depreciated in the week. After ending the previous week positively at ₦1,600.78/$, the naira weakened to ₦1,603.16 on Monday.

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The FMDQ data show that there was a significant plunge in dollar supply from $359.22 million on Monday to $176.15 million on Tuesday representing 50.96 per cent drop.

The data also show that the naira traded between ₦1,671.00/$ and ₦1,601.00/$ at the official market on Tuesday.

The naira has continued to fluctuate at the foreign exchange market.