The Naira has again suffered a hit by recording low at the official market on Tuesday to exchange at N848.12 per $1.
Market data published on the FMDQ website showed that the naira closed at N848.12 per dollar on Tuesday, as against N778.80 recorded in the previous session on Monday.
This development means that the Tuesday’s rate translates to 8.9 per cent depreciation from N778.80 it exchanged on Monday.
According to the data, the naira opened at N758.50 but slipped to N848.12 at the close of business on Tuesday as foreign exchange supply within the market segment moved up significantly.
The Forex supplied within the session on Tuesday is placed at $134.8 million and it represents about a 212 per cent increase from $43.09 million posted on Monday.
Within the business period on Tuesday, the naira reached an intraday high of N700.00 and spiralled to a low of N981.00 before settling at N848.12 per $1.
In a similar vein, like the main market, the local unit extended losses at the parallel market on Tuesday.
According to a data on AbokiFX, the naira was exchanged at N1,050 to a dollar on Tuesday as against N1,040 recorded in the previous session. AbokiFX is a website that collates unofficial market rates in Lagos.
Also amidst a shortfall in dollar circulation and increased demand, the naira was sold at N1,060 per $1 at parallel market segment.
However, the spread between the official and unofficial markets is pegged at N201.88, leaving the market margin at 24 per cent on Tuesday.