May 24, 2023.
Nigerian Naira depreciated against the US Dollar in the Investors and Exporters (I&E) window of the foreign exchange market on Tuesday, May 23, hitting a fresh low, a few days before the new administration takes over the rein of power from President Muhammadu Buhari.
The Naira lost 92 Kobo or 0.20 per cent during the session to close at N464.42/$1, in contrast to the preceding day’s value of N463.50/$1, this is according to data obtained from FMDQ Securities Exchange.
During the trading day, customers in the spot market bid the currency as low as N460.00/$1 and as high as N632.00/$1 amid serious concerns of a possible devaluation.
The turnover for the day stood at $215.91 million, 102.1 per cent or $109.07 million higher than the $106.84 million reported in the preceding session.
In the black market, the domestic currency also depreciated against its American counterpart on Tuesday by N3 to settle at N760/$1 compared with Monday’s exchange rate of N757/$1.(www.naija247news.com).