On Tuesday, the naira lost more value as it fluctuated between 1,005 and 1,025 to the dollar in the parallel market.
Since the Central Bank of Nigeria permitted the naira to freely fluctuate against the dollar and other major world currencies in June, the national currency has continued to decline.
As a result of this drop, manufacturers are now having a harder time obtaining raw materials, and more businesses are preparing to lay off workers or close down.
Manufacturers are forced to reduce production, employment, and raw material imports as a result of the weakening naira.
Operators of the Bureau de Change reported that on Tuesday, the naira fluctuated between 1,005 and 1,025 to the dollar in the black market.
Official data from the FMDQ revealed that the naira decreased slightly and finished at 765.83/$ on Tuesday from 765.02/$ on Monday on the Investors & Exporters FX window. The official market reported a $60.30m total turnover.