On Tuesday, the naira took a significant battering, falling to new lows against the British pound, Euro and U.S dollar in the black market.
Data from AbokiFX, a website that tracks black-market rate in Lagos shows, that naira dropped considerably in value by N10 against the British pound, trading at N700/£1 as opposed to N690/£1 on Monday.
The crashing of the domestic currency against the Pound Sterling reinforces traders’ concerns about FX liquidity.
Similarly, the Nigerian Naira lost N1 against the Euro, selling at N596/€1 compared with N595/€1 of the previous session.
The US Dollar at the parallel market on Monday closed at N498/$1 this represents a 0.61 per cent depreciation from N495/$1 the rate, it exchanged hands in the last three consecutive sessions.
There are speculations it might hit N500/$1 in the coming days.
However, at the Investors and Exporters’ (I&E) window, the Naira also traded flat against the greenback yesterday, selling at N412/$1, the same rate it traded in the previous session on Monday.
