Naira now N484 to a dollar, closes in on N500

As feared, the Naira is inching closer to N500 mark this week, as Nigeria’s currency fell by another N2 or 0.42 percent to close at N484 against the dollar on Tuesday at the parallel market, according to data from Aboki FX.

Naira had closed on Monday N482 against the dollar.

The depreciation of Naira was also witnessed in the Investor and Exporter window on Tuesday as Naira closed at N412 according to data from FMDQ Security Exchange.

The N412 represents a N0.12 or 0.03 per cent depreciation from N411.88, the rate at which the official market closed on Monday.

During the day trading FMDQ data shows Naira exchanged against the dollar to a high of N415 and low of N390 before closing at N412.

The difference between the unofficial and official exchange market after Tuesday’s trading now stands N72.

Meanwhile, the invest market witnessed a turnover of $110.01 million on Tuesday.

Tuesday’s trading marks the second day after Central Bank of Nigeria began its naira for dollar promo, to encourage the use of official means to send money by Nigerians living outside the country.