Naira loses further at official market

Naira slipped further against the U.S. dollar at the official market on Tuesday, extending its depreciation at the spot market segment to a second day.FMDQThis implies a N0.17 or 0.04 per cent devaluation from N416.50 it exchanged in the previous session on Monday.

Foreign exchange supply dipped by 40.40 per cent, with $74.56 million recorded at the close of business on Tuesday as against $125.10 million published in the previous session on Monday.At the Uyo black market, exchangers traded the naira with the greenback currency at N570.00 per $1 and sold at N575.00 on Tuesday.

In a similar manner, Abuja parallel market dealers said they exchanged the naira with the U.S. dollar at N570.00 per $1 and sold N571.00 on Tuesday.

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