Naira Hits N600/$1 at Peer-To-Peer Market As FX Supply Falls

 

Naira has slumped against the dollar at the peer-to-peer market to trade N600.5/$1 on Tuesday morning, according to Nairametrics.

 

This is as the exchange rate between the naira and the US dollar closed at N419/$1 at the official Investors and Exporters (I&E) window on Monday.

 

The exchange rate at the official window weakened against the US dollar on Monday to close at N419/$1 from N417/$1 recorded as of the close of trading activities in the previous week. A total of $53.15 million in FX value was traded on Monday, which is 39.89% lower than the $88.42 million traded on Friday.

 

It is worth noting that the dollar supply on Monday represents the lowest in over a month, since 4th April 2022, when $42.39 million in FX value was traded.

 

Meanwhile, the exchange rate at the parallel market remained stable at N590 to a dollar.

 

This is according to information obtained from BDCs operating in Nigeria.