Naira crash massively against dollar at black market

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The naira appreciated on Tuesday for the first time in the week.

FMDQ data showed that the naira gained slightly to N1,576.66 against the dollar at the forex market on Tuesday from N1,577.29 traded on Monday.

Meanwhile, on the black market, the naira slumped further, losing N25.


Ashiru Dayyabu, a Bureau De Change operator in Wuse Zone 4, said the naira depreciated to N1,585 per dollar on Tuesday from N1,560 on Monday.

The development comes as foreign currency transaction turnover dropped to $138.17 million on Tuesday from $155.53 million recorded the previous day.