Naira depreciates again to US dollar despite increase in fx supply
Wednesday August 24,2022
For the second day running, the Nigerian currency, the Naira, depreciated against the US dollars at the Investors and Exporters window.
Data from FMDQ securities where Naira is officially traded showed the exchange rate on Tuesday closed at N430.67 to a dollar
The figure represented a decrease of 0.29 per cent, compared with N429.43 it exchanged for the dollar on Monday
The data revealed that the market opened Tuesday at N429.09 and exchanged as high as N444 during trading before it settled at N430.67.
Naira’s poor performance occurred despite an increase in the amount of forex supply to the market
FMDQ reports that a total of $175.67 million was traded among participants.
Meanwhile, on the black market, the pressure continue as Naira closed at N690/$1 on Tuesday.
It is expected that the pressure will continue on Naira until the country’s forex challenges are resolved
