Naira slides downward, hits N1,520.40 to dollar

Naira value continued to downturn on Tuesday, depreciating further at both the Nigeria Foreign Exchange Market (NAFEM) and the parallel market.

Closing at N1,520.40 to the dollar at the official end of the market, the naira experienced a continuous downward slide from its Monday rate of N1,478.11 to the dollar.

Similarly, on the streets, the naira depreciated to N1,501 to the greenback at the close of Tuesday’s trading activities, compared to N1,485 to the dollar the previous day. This trend persisted despite the continued arrest of money changers across Lagos by the Economic and Financial Crimes Commission (EFCC).

At the official end of the market, the naira recorded a 2.9% depreciation, marking a significant loss compared to its closing rate of N1,466.31 on Friday. Turnover at the NAFEM also declined, dropping from $217.64 million to $128.76 million by the close of trading activities.

Intraday trading activities disclosed a fluctuating market, with deals consummated at varying spot rates ranging from N1,568 to N1,350. This contrasts with Monday’s highest spot rate of N1,515 and the lowest recorded at N1,301.

The tenacious depreciation of the naira underscores the issues faced by Nigeria’s currency market, spotlighting the need for proactive measures to stabilize and strengthen the nation’s currency.