Naira increase further to N1,080
The Naira continued its free fall against the dollar on Tuesday, depreciating to N1,080/$ in the parallel market.
This is 4.85 per cent decline when compared to the N1, 030/$ it traded on Monday.
It is also day two of the naira losing momentum after going on a bull run towards the end of last week after news broke that the Central Bank of Nigeria had begun to clear some of its FX backlogs.
Since closing trading at N950/$ on Friday, the naira has depreciated by 13.68 per cent, losing N130 of its value against the dollar. According to Bureaux De Change operators, it traded between N1,060/$ and N1,095/$ on Tuesday.
One of the operators named Kadri said Dollar is N1,040 if you want to sell. If you want to buy, it is N1,080.
Another named Awolu said, “Dollar is N1,095 if you want to buy. If I want to buy from you, it is N1,070” while Muhammed added, “Dollar is N1,050 if you want to sell. It is N1,060 if you want to buy it.
On the official market, the naira depreciated by 7.53 per cent to N869.91/$ on Tuesday from N809.02/$ on Monday according to details on FMDQ OTC Securities Exchange.
