The effect of the forex crisis continues to be evident in the various FX markets as the naira traded for N710 per dollar at the black market on Tuesday.
The rate shows a 0.42% decline when compared to the N707 per dollar it exchanged on Monday.
The inability of customers to get the greenback at the official market window, which is the commercial banks, has put pressure on the Nigerian currency in the parallel market.
However, the local currency heaved a sign of relief yesterday in the Investors and Exporters (I&E) segment of the market as it gained 46 Kobo or 0.11 per cent to sell for N436.04/$1 compared with the previous day’s value of N436.50/$1.
The respite came as the Central Bank of Nigeria (CBN) improved forex liquidity in the spot market during the session as traders at the window were able to fairly meet the demands of users.
The value of forex transactions at the window went down by 16.1 per cent or $16.07 million during the trading session to $83.71 million from the $99.78 million achieved on Monday.
Also, in the Peer-to-Peer (P2P) segment, the Nigerian currency appreciated against the greenback yesterday by N3 as it closed at N735/$1 in contrast to Monday’s N732/$1.
But in the interbank segment, the Naira declined against the Pound Sterling by N1.59 to N502.95/£1 from N501.36/£1 and fell by N1.38 against the Euro to N436.49/€1 from N435.49/€1.
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