The Naira, the national currency of Nigeria, lost value against the dollar at the Investors and Exporters window for the second day in a row.
The official Naira exchange rate on Tuesday closed at N430.67 to the dollar, according to data from FMDQ securities.
The figure represented a decrease of 0.29 per cent, compared with the N429.43 it exchanged for the dollar on Monday.
The data revealed that the market opened Tuesday at N429.09 and exchanged as high as N444 during trading before it settled at N430.67.
Naira’s poor performance occurred despite an increase in forex supply to the market.
FMDQ reports that a total of $175.67 million was traded among participants.
Meanwhile, on the black market, the pressure continue as Naira closed at N690/$1 on Tuesday.
The pressure is expected to continue on Naira until the country’s forex challenges are resolved.
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