Naira Weakens Further To N1,520/$ At NAFEM

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Having depreciated to N1,478.11 to the dollar on Monday, the value of the naira continued its downward slide on Tuesday at the Nigeria Foreign Exchange Market (NAFEM) and at the parallel market closing at N1,520.40 to the dollar at the official end of the market.

Value of the naira also depreciated to N1,501 to the greenback on the streets at the end of Tuesday’s trading activities compared to N1,485 to the dollar which it sold on Monday despite the Economic and Financial Crimes Commission (EFCC) continued arrest of money changers across Lagos.

At the official end of the market, the naira recorded a N42.29 or 2.9 per cent depreciation as it closed at N1,520.40 to the dollar having recorded a 0.8 per cent depreciation on Monday when it closed at N1,478.11 to the dollar, recording a N11.8 loss compared to N1,466.31 which closed on Friday.

Turnover at the NAFEM declined from $217.64 million recorded on Tuesday to $128.76 million at the close of trading activities. Intraday trading activities saw deals consummated at the highest spot rate of N1,568 and the lowest being N1,350 compared to the highest spot rate on Monday which stood at N1,515, with the lowest spot rate recorded at N1,301.