The Nigerian Naira depreciated by 4.90 per cent against the dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) Window, closing at a rate of N844.85 against the dollar from N804.83 it opened for trading on Tuesday.
According to FMDQ Exchange, the Naira at the NAFEM traded high and low at N1189.12/ N720.00 against the dollar, respectively on Tuesday.
Eventually, a turnover of $ 111.76 million was traded on Tuesday.
The domestic currency had appreciated by 0.17 per cent to close at N888.35 against the dollar at the close of business on Monday.
This represents an N1.51 gain or a 0.17 per cent increase in the local currency compared to the N889.86 closed on Friday.
The intraday high recorded was N1249 against the dollar, while the intraday low was N720 against the dollar, representing a wide spread of N529 against the dollar.
According to data obtained from the official NAFEM window, forex turnover at the close of the trading was $137.82 million, representing a 230.82 per cent increase compared to the previous day.
Similarly, the naira gained marginally at the parallel forex market where forex is sold unofficially, the exchange rate quoted at N1235 against the dollar, representing a 0.81per cent gain over what it closed the previous day, while peer-to-peer traders quoted around N1214.10 against the dollar.
The Central Bank of Nigeria (CBN) has said it has made tranche payments to 31 banks to clear the backlog of foreign exchange forward obligations.
The apex bank also disclosed that it has set up foreign exchange frameworks to address the FX issues.
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