The Nigerian currency, Naira, fell heavily against the United States dollars at the official market yesterday, August 11. It went for N444 to a dollar.
After trading activities yesterday, Data from FMDQ Securities showed that Naira exchanged for the US dollar at N430.25. This was a N1.5 or 0.34 percent loss when compared to the N428.75 for the last two days.
During the day’s trade, Naira was exchanged for N444/$ dollar.
Watchers attributed the Naira’s poor performance to low forex supply to the market.
FMDQ reports that traders exchanged $58.39 million yesterday, compared to $113. 64 million traded on August 9.