The Naira closed mixed against the United States Dollar in the different segments of the foreign exchange (forex) market on Tuesday, as the market weighed plans by the new president, Mr Bola Tinubu, to unify the exchange rate as well as stop the fuel subsidy programme that laps up the country’s earnings.
In the Investors and Exporters (I&E) window of the FX market, the Naira was relatively flat against the greenback as it gained 1 Kobo to trade at N464.50/$1 compared with the previous session’s value of N464.51/$1.
This occurred amid a slight decline in the value of forex transactions recorded in the official market. The market posted $120.36 million worth of trades during the session, $24.36 million or 16.8 per cent lower than the $144.72 million achieved last Friday, which was the last time the market opened for business.
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