The Naira weakened significantly against the United States dollar at the official market on Tuesday, market rates published on the FMDQ website showed.

The local unit, which opened trading at N769.66 per $1, closed at N775.34 to the dollar on Tuesday. The rate represents 0.42 per cent depreciation from N772.12 per dollar, the currency exchanged in the previous session on Monday.

The domestic unit traded within an intraday high of N701.00 and a low of N799.90 per $1 before it finally settled at N775.34 on Tuesday.

The spot market window recorded $71.32 million as foreign exchange turnover on Tuesday, the market data posted showed.

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At the parallel market, dealers in Abuja exchanged the dollar at N910.00 per $1 on Tuesday, about the same rate it was traded in the previous segment on Monday.

At Uyo, currency dealers said the dollar was exchanged at N915.00 and sold at N920.00 per $1 as against N913.00 earlier on Monday.

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