Naira Slumps Against Dollar At FX Markets
The naira kept on deteriorating against the dollar at both authority and equal unfamiliar trade markets.
FMDQ information showed that the naira tumbled to N1689.88 per dollar on Tuesday from N1681.42 traded on Monday, recording N8.42 deterioration.
Essentially, at the underground market, the naira lost N5 to close at N1740 on Tuesday from N1735, traded on Monday.
This comes as FX supply exchange turnover dropped to $106.44 million on Tuesday from $471.5 million recorded the earlier day.
Everyday POST reports that BMI, a Fitch Arrangements auxiliary, projected that the naira might tumble to N1,993 per dollar before very long.
The deterioration of the naira comes notwithstanding Nigeria’s unfamiliar trade holds expanding to $40.167 billion as of November 11, 2024, as per the National Bank of Nigeria’s information.
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