THE Naira depreciated against the US dollar in the official market, yesterday, extending its depreciation in the spot market sector for a second day.
According to data provided by FMDQ, where forex is officially exchanged, the local currency closed at N416.67 to the dollar at the close of trade on Tuesday.
This translates to a N0.17, or 0.04 percent, depreciation from the previous session’s N416.50.
Before closing at N416.67 on Tuesday, the currency traded between an intraday high of N410.00 and a low of N444.00.
Foreign exchange supply fell by 40.40 percent to $74.56 million at the close of business on Tuesday, compared to $125.10 million the previous session on Monday.
On Tuesday, exchangers in Uyo swapped the naira for the greenback currency at N570.00 per $1 and sold at N575.00.
In a same vein, Abuja parallel market dealers stated they sold N571.00 on Tuesday after exchanging the naira for the dollar at N570.00 per $1.
