Naira dropped further on Tuesday, depreciating 0.9 per cent against the dollar at the official market.
The Nigerian currency, which opened trading at N422.71 closed at N430.00 to a dollar on the dot on Tuesday, data published by FMDQ, where forex is officially traded, displayed.
This represents a N4.25 or 0.99 per cent devaluation from N425.75 which was posted on the previous market session on Monday.
It is the lowest rate the naira has exchanged with the naira. It closed at N425.75 to a dollar on Monday.
Within the past two weeks, the naira has witnessed significant devaluation in the spot market. It has been trading between the range of N420 and N425 and above benchmark before settling at N430 per $1 at the close of sales Tuesday amidst shortfall in forex supply
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