Naira Depreciates by 4.60% at Official Market, Trades at N1,416.57 to Dollar

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The Nigerian naira experienced depreciation at the official market, with the exchange rate reaching N1,416.57 to the dollar.

Data from the FMDQ Exchange’s official trading platform revealed a significant loss of N62.36, representing a 4.60% decline compared to the previous trading day. Despite the depreciation, the total daily turnover increased to $160.77 million on Tuesday, up from $84.83 million recorded on Monday.

Additionally, at the Investor’s and Exporter’s (I&E) window, the naira traded within the range of N1,445 and N1,301 against the dollar. (Source: NAN)

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