The Nigerian naira has lost further ground against the United States dollar, with the exchange rate hitting N1637.59 at the close of trading on Tuesday.
According to data from the Nigerian Autonomous Foreign Exchange, the naira depreciated by N14.63 against the dollar, down from N1622.96 on Monday.
This decline marks a 0.90 per cent drop in the value of the naira against the dollar, making it more expensive for Nigerians to purchase foreign goods and services.
The FMDQ data showed the foreign exchange market witnessed a significant turnover of $143.15m, indicating a high level of trading activity.
The naira witnessed a tumultuous trading session against the dollar on Tuesday, with the spot rate closing at N1637.59, a slight appreciation of N3.61 from the opening rate.
However, the forward rate told a different story, with a high of N1,655.00 and a low of N1,499.00, indicating significant fluctuations in the market.
PUNCH
