Naira depreciates by 0.05% against dollar at official market

The naira experienced a decline on Tuesday at the official market, trading at N1,476.95 to the dollar.

According to data from the FMDQ Exchange’s official trading platform, the naira depreciated by 83 kobo, marking a 0.06 percent loss compared to Monday’s rate of N1,476.12 to the dollar.

Despite this depreciation, the volume of currency traded saw a significant increase, rising to $236.99 million from $121.87 million on Monday.

In the Investor’s and Exporter’s (I&E) window, the naira fluctuated between N1,500.00 and N1,362.15 against the dollar.