Nigeria’s naira fell against the U.S. dollar at the I&E window of the foreign exchange market on Tuesday, as foreign exchange supply increased significantly.
According to data posted on the FMDQ Security Exchange where forex is officially traded, the naira closed at N411.00 at the trading session of the NAFEX window.
The last time the currency touched N411.00 was on April 8, last week.
The domestic currency’s performance on Tuesday represents a 0.31 per cent devaluation from N409.75, the rate at which the naira closed at the previous session on Monday.
It saw an intraday high of N400.00 and a low of N436.81, before closing at N411.00 on Tuesday.
This happened as forex turnover increased by 18.04 per cent, with $53.53 million recorded as against the $45.35 million posted in the previous session on Monday.
However, the local unit remained unchanged against the U.S. dollar at the unofficial market on Tuesday, data posted on abokiFX.com, a website that collates parallel market rates in Lagos showed.
The data posted showed that the naira closed at N482.00 at the black market on Tuesday, the same rate it traded at the previous session on Monday.
This leaves the spread between the unofficial market and the I&E window exchange rate at N71.00, which translates to a gap of 14.73 per cent.