Update: Naira Depreciates Further To N685/$1

The depreciation happened at the official and unofficial currency markets.

The Naira has lost value against the dollar at the exchange rate market.

The depreciation happened at the official and unofficial currency markets.

According to Vanguard, at the black market, exchangers said the forex scarcity pushed currency dealers to exchange at N685/$1 on Tuesday.

Speaking on the depreciation, a currency trader in Uyo, Akwa Ibom state, Shuaibu said, “People are buying and selling as they like, I cannot tell you that this is the fixed amount we exchanged today.”

He said naira was bought and sold between N670 and N685 mark and above.

“The market has scattered, people are just buying and selling anyhow,” he added.

At the Abuja black market, currency dealers said they exchanged the naira with the greenback currency at N670.00 and above to a dollar on Tuesday

According to data released by the Nigerian Autonomous Foreign Exchange Fixing (NAFEX) where forex is officially traded, the naira which opened at N427.30 closed at N431.00 to a dollar at the end of trading on Tuesday, July 26.

The fall signifies a N3.87 or 0.90 per cent devaluation from N427.17  that it sold for at the official market on Monday.

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