Naira loses further at official market

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The currency hovered within an intraday high of N410.00 and a low of N444.00 before closing at N416.67 on Tuesday.

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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