Both official and unofficial currency exchanges saw continued depreciation of the Nigerian currency.
The naira, which started the trading day at N427.30 to the dollar and ended it at N431.00, according to data supplied by the Nigerian Autonomous Foreign Exchange Fixing (NAFEX), where currency is legally transacted.
The fall signifies a N3.87 or 0.90 per cent devaluation from N427.17 that it sold for at the official market on Monday.
Analysts say the poor performance of Naira occurred as a result of a drop in forex turnover at the marketas dollar supply dropped by 35.40 per cent to $58.03 million as against the $89.79 million recorded in the previous session on Monday according to FMDQ securities where Naira is officially traded.
At the Black market traders sold the dollar between the N670 and N685 mark, taking advantage of the low dollar circulation.
