The Naira hit a record low at the official market on Tuesday to exchange at N848.12 per $1
The Naira plummeted to its lowest rate against the United States dollar at the official market on Tuesday, market data published on the FMDQ website showed.
The local currency closed at N848.12 per dollar on Tuesday, as against N778.80 recorded in the previous session on Monday. Tuesday’s rate translates to 8.9 per cent depreciation from N778.80 it exchanged on Monday.
According to the data, the naira opened at N758.50 but slipped to N848.12 at the close of business on Tuesday as foreign exchange supply within the market segment skyrocketed significantly.
Forex supplied within the session on Tuesday is pegged at $134.8 million, which represents about a 212 per cent increase from $43.09 million posted on Monday.
Within the business period on Tuesday, the naira reached an intraday high of N700.00 and spiralled to a low of N981.00 before settling at N848.12 per $1.
Similarly, the local unit extended losses at the parallel market on Tuesday. According to data published by AbokiFX, a website that collates unofficial market rates in Lagos, the naira was exchanged at N1,050 to a dollar on Tuesday as against N1,040 recorded in the previous session.
At the parallel market segment, the naira was sold at N1,060 per $1 amidst a shortfall in dollar circulation and increased demand.
The spread between the official and unofficial markets is pegged at N201.88, leaving the market margin at 24 per cent on Tuesday.