BREAKING: Naira falls massively across board (See new exchange rates)

Naira has fallen massively at Aboki Black Market, Official Market and the peer-to-peer market as FX supply fall at the official window.

IDOMA VOICE reports that the exchange rate between the naira and the US dollar closed at N419/$1 at the official Investors and Exporters (I&E) window.

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.

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.

On the other hand, the naira fell significantly against the US dollar on Tuesday morning at the peer-to-peer market, trading at N600.5/$1 compared to N594/$1 recorded as of the same time the previous day.