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Naira plunged additional on Tuesday, depreciating 0.9 per cent in opposition to the greenback on the official market.
The native foreign money, which opened buying and selling at N422.71 closed at N430.00 to a greenback on the dot on Tuesday, knowledge revealed by FMDQ, the place foreign exchange is formally traded, revealed.
This represents a N4.25 or 0.99 per cent devaluation from N425.75 posted within the earlier market session on Monday.
It’s the lowest price the naira has exchanged with the buck. It closed at N425.75 to a greenback on Monday.
Inside the previous two weeks, the foreign money has witnessed important devaluation within the spot market. It has been buying and selling between the vary of N420 and N425 and above benchmark earlier than settling at N430 per $1 on the shut of gross sales Tuesday amidst shortfall in foreign exchange provide.
ALSO READ: Naira sees small rebound after document fall
On the Uyo black market, sellers exchanged the naira at N611.00 and offered at N616.00 to a greenback on Tuesday.
“What we’re seeing now’s that the {dollars} are very scarce and the federal authorities is obstructing our folks’s greenback account anyhow,” foreign money sellers at Uyo road market lamented.
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