The naira weakened against the U.S dollar at the I&E window of the foreign exchange market on Tuesday as foreign exchange supply rose significantly.According to data posted on the FMDQ Security Exchange window where forex is officially traded, the local currency closed at N411.25 at the trading session of theTuesday’s performance represents N0.58 or 0.14 per cent decrease from N410.67, the rate it traded in the previous session on Monday.
This became effective as foreign exchange supply increased significantly. The forex turnover boosted by 201.5 per cent, with $98.33 million recorded as against the $32.61 million posted in the previous session on Monday. The domestic currency hit an intraday high of N395.00 and a low of N420.23 before closing at N411.25 on Tuesday.Meanwhile, the local unit remained unchanged against the U.S. dollar at the unofficial market on Tuesday, data posted onData posted revealed that the naira closed at N483.00 again at the black market, the same rate it has been exchanging hands with the greenback currency since May 7.