Economy
Naira Drops 5.3% Against Dollar at Official Market
The Nigerian naira experienced a significant drop against the US dollar at the official market on Tuesday, marking a 5.3% depreciation from the previous trading session. According to data from the FMDQ Exchange’s platform, the naira closed at N1,300.15 to the dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM), a sharp decrease from the N1,234.49 rate on Monday, April 22.
During Tuesday’s session, the naira traded within a wide range of N1,317.00 to N1,000.00 against the dollar at the Investor’s and Exporter’s (I&E) window. This fluctuation underscores the currency’s instability amid evolving market dynamics.
Despite the depreciation, there was a notable increase in daily trading volume. The total daily turnover surged to $133.65 million on Tuesday, up from the $110.17 million recorded in the previous session. This uptick in trading activity suggests a growing interest in currency exchange, potentially driven by market speculations or other economic factors.