The Naira on Monday slumped to a record low of N1,348.63 per dollar on the official market, also known as NAFEM market.
This following an increased demand for the greenback.
An earlier announcement by the Central Bank of Nigeria (CBN) that it had released another tranche of money, to the tune of $500 million to clear the backlog of verified foreign exchange transactions proved inadequate to help the naira stay up.
The slump in the naira shows that at the close of business on Monday, it was 33.87 per cent or N456.73 weaker than N891.90 recorded at the close of trading on Friday.
This is the lowest the naira has ever gone against the dollar, at the official market.
The intraday high recorded was N1414.94/$1, while the intraday low was N701/$1, representing a wide spread of N713.94/$1.
According to data obtained from the official NAFEM window, forex turnover at the close of the trading was $64.29 million, representing a 36.33 per cent increase compared to the previous day.
Recent efforts by the CBN to shore up the value of the naira and to bolster the foreign exchange market through interventions, have not helped much as evident in the continuous slide of the currency.
Meanwhile, the naira depreciated at the parallel forex market where forex is sold unofficially, by 2.76 per cent.
The naira was quoted at N1,450/$1, while peer-to-peer traders quoted around N1,466.20/$1.
