The Nigerian naira experienced a continuous decline against the US dollar for the second day, impacting both the official and parallel markets. At the official Nigerian Autonomous Foreign Exchange Market (NAFEM) window, the exchange rate reached N850.22/$1 on Tuesday, indicating a significant loss of N54.81 or a 6.45% decrease compared to the week’s opening rate of N795.41 on Monday.

During the trading day, the naira recorded an intraday high of N1099.01/$1 and a low of N701.00/$1, reflecting a substantial spread of N398/$1. Forex turnover at the official NAFEM window closed at $143.55 million, marking a 16.47% increase compared to the previous day.

Simultaneously, at the parallel forex market, where forex is unofficially traded, the naira depreciated by 0.44%, quoted at N1140/$1. Peer-to-peer traders quoted around N1126.55/$1. The British Pound also saw a slight depreciation against the naira to ₦1,350/£1, while the Euro slumped to ₦1,123/€1. Investors and analysts are closely monitoring the ongoing fluctuations in the exchange rate, signaling potential challenges in the foreign exchange market.

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