The naira has lost more ground against the United States dollar, with the exchange rate hitting N1637.59 on Tuesday, September 10, 2024.

Data from the Nigerian Autonomous Foreign Exchange reveals that the Nigerian currency depreciated by N14.63 against the dollar, down from N1622.96 on Monday.

The decline indicates a 0.90 per cent drop in the value of the naira against the dollar.

The result of this development is that Nigerians will buy foreign goods and services at higher costs.

The FMDQ data also showed that the foreign exchange market saw a great turnover of $143.15m, indicating a high level of trading activity.

The naira witnessed a tumultuous trading session against the dollar on Tuesday, with the spot rate closing at N1637.59, a slight appreciation of N3.61 from the opening rate.

However, the forward rate told a different story, with a high of N1,655.00 and a low of N1,499.00, indicating significant fluctuations in the market.

On Friday, local currency made a strong comeback in the official foreign exchange market, appreciating by 2.9 per cent against the dollar. This uptrend was driven by a significant increase in dollar supply, totalling $245.17m.

The naira gained ground as the dollar was traded at N1,593.32 on Friday, compared to N1,639.41 on Thursday.