The naira started a downward trend on Tuesday, hitting N1,120 per dollar on the parallel market.
The value is down N95, or 9.27 percent, from the N1,025 it was trading for on Monday.
The purchase price of the dollar was set by parallel market dealers at N1,100, and the selling price at N1,120, leaving a N20 profit margin.
TheCable met with Bureau De Change (BDC) operators in Lagos and Ogun states on Tuesday, and they reported a spike in demand for foreign money on the black market.
“There was a lot of demand for dollars today,” a BDC operator stated.
In the meantime, the local currency lost N60.89, or 7.53 percent, versus the US dollar at the investors and exporters (I&E) window, closing at N869.91 on Tuesday as opposed to N809.02 on Monday.
The platform that regulates foreign exchange trading in Nigeria, FMDQ Securities Exchange, reports that the highest daily rate for the greenback was N1,100, and the lowest intraday price was N700.
The finance minister, Wale Edun, had connected past-due forward payments to the naira’s ongoing depreciation on September 22.
Nonetheless, the Nigerian Central Bank (CBN) has begun to reduce the backlog of foreign exchange (FX) forwards in banks.