Naira depreciated further against the U.S. dollar at the official market, also known as the Investors and Exporters (I&E) window on Tuesday, data posted on the FMDQ Security Exchange where forex is officially traded showed.

The domestic currency remained stable at the black market.

Data from the I& E window showed that the naira closed at N411.50, a 0.11 per cent decline from N411.07 it traded on Monday.

Naira experienced an intraday low of N421.96 and a high of N400.00 at the Nafex window, before closing at N411.50 on Tuesday.

This occurred as foreign exchange supply slumped by 58.52 per cent, with $62.79 million posted as against $151.37 million recorded in the previous session on Monday.

The last time the currency closed around the rate of N411.00 and above was on June 7.

Meanwhile, the naira on Tuesday remained unchanged at the parallel market, data posted on abokiFX.com, a website that collates parallel market rates in Lagos showed.

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Data posted showed the domestic currency exchanged hands again with the hard currency at N502.00, the same rate it has been trading since June 4 last week.

Based on the aforementioned, the disparity between the black market and official market rates is pegged at N90.50, translating to a margin of 18.03 per cent as of the close of business on Tuesday.

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