The slump of the naira continued on Tuesday, as it closed at N1,602.02/$1 at the official Nigerian Foreign Exchange Market (NFEM).
This is according to data published by the Central Bank of Nigeria (CBN) on Wednesday.
The current figure shows that the naira continued its downward trajectory from Monday’s closing rate of N1,596/$1.
The intraday trading activity of the naira showed a high of N1,602.02/$1 and a low of N1,596.7/$1, with a simple average rate of N1,600.04/$1 for the day.
This shows a weakening trend compared to last Friday, when the naira traded around N1,600/$1, showing a widening gap.
The depreciation has been said to be due to ongoing pressure on the naira as the country grapples with inadequate dollar inflows and speculative demand in both official and unofficial markets.
In the parallel market, also called black market, traders said that the dollar sold for as high as N1,610/$1 on Tuesday, a depreciation from N1,605/$1 on Monday, further widening the gap between the official and unofficial markets.
Some of the dealers attributed the development to a growing demand from importers and individuals seeking forex for foreign transactions.
