Naira Plummets Against Dollar at Black Market

 Despite its appreciation against the Dollar on Tuesday, the Naira slumped further at the black market, losing N25.

Data from the FMDQ showed that on Tuesday, the Nigerian currency increased slightly to N1,576.66 against the Dollar at the FOREX market from N1,577.29 traded on Monday. However, this was not the case in the black market.

According to Ashiru Dayyabu, a Bureau De Change operator in Wuse Zone 4, Abuja, the Naira fell from N1,560 on Monday to N1,585 per Dollar on Tuesday.
This comes as foreign currency transaction turnover decreased to $138.17 million on Tuesday from $155.53 million the previous day.