Naira tumbles to 484 against dollar at parallel market

The Nigerian currency extended its decline against the dollar on Tuesday at both the parallel market and the investors’ and exporters’ foreign exchange window.

The naira weakened to 484 per dollar at the parallel market from 482/$1 on Monday.  

At the I&E window, the naira closed at 412/$ on Tuesday as against 411.88/$1 on Monday, according to FMDQ Group.

The CBN Governor, Mr Godwin Emefiele, said last month that the drop in crude oil earnings and the associated reduction in foreign portfolio inflows significantly had affected the supply of foreign exchange into Nigeria.

“In order to adjust for the decrease in the supply of foreign exchange, the naira depreciated at the official window from N305/$ to N360/$ and now hovers around N410/$,” he said at a summit in Lagos.

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