Naira tumbles 0.24% to the dollar

Despite increase in dollar supply, the Nigerian Naira grew weaker against the US dollar on Thursday.

After trading on Thursday, the foreign exchange market closed with Naira losing 0.24 percent to the dollar at N409.75k compared to N408.75k it closed on Wednesday at the Investors and Exporters (I&E) forex window, data from the FMDQ indicated.

Thursday’s closing exchange rate represents a loss of N1.00 from Wednesday.

Currency traders who participated in the trading Bid for dollar between N393.00 and N411.40.

The daily foreign exchange market turnover rose significantly by 394.40 percent, with $171.85 million recorded as against the $34.76 million posted on Wednesday.

At the black market, currency remained stable at N486 to a dollar.

After Thursday trading the difference between official I&E window and black market is now N76.25.