Naira Weakens On The Forex Market Versus The US Dollar

The value of Naira falls to a record low

Barely 24 hours after the break, the Naira lost value in relation to the US dollar on the international market.

The Naira fell from N838.95 per dollar on Monday to N878.57 on Tuesday, according to data from FMDQ.

Comparing the amount to the N838.95 it closed on Monday, it represents a N39.62 or 4.72% loss in local currency.

The nation's currency also experienced a decline at the parallel market, where it quoted on Tuesday at N1280 per dollar, a 1.17 percent drop from Monday's closing price.

This occurs in spite of a rise in forex turnover of 460.52 percent to $147.81 million by the close of trading on Tuesday.

The Nigerian government received a $2.25 billion foreign exchange boost loan from the African Import-Export Bank more than a week ago, which coincides with the depreciation at the official forex market.

The Central Bank of Nigeria floated the Naira on June 14 of last year, and since then, the currency of the largest economy in Africa has been fluctuating in the foreign exchange market.

For the twelfth time in a row, headline inflation in Nigeria surged to 28.92 percent in December.