Naira Drops At The Official Market, Again

THE Nigerian Naira fell against the US dollar on Tuesday at the official market for the seventeenth time in a row, closing at N1,300.15.

The Naira lost N65.66, according to data from the FMDQ Exchange, the official trading platform that regulates the Nigerian Autonomous Foreign Exchange Market (NAFEM).

Compared to Monday, April 22, the previous trading date, when it traded at N1,234.49 to the dollar, this is a 5.3% loss.

However, the overall daily transaction rose from 110.17 million dollars on Monday to 133.65 million dollars on Tuesday.

The Naira fluctuated between N1,317.00 and N1,000.00 versus the US dollar during the Investors and Exporters (I&E) window.