Naira depreciates by 4.6%, trades N1,416/$ at official market

The Naira on Tuesday depreciated at the official market, trading at N1,416.57 to the dollar.

Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), showed that the Naira lost N62.36.

This represents a 4.60 per cent loss when compared to the previous trading date on Monday when it exchanged at N1,354.21 to a dollar.

However, the total daily turnover increased to 160.77 on Tuesday, up from 84.83 million dollars recorded on Monday.

Meanwhile, at the Investor’s and Exporter’s (I&E) window, the Naira traded between N1,445 and N1,301 against the dollar.