The naira lost steam at the parallel market on Monday, sliding to 555 per dollar. The local currency had crashed to 540/dollar on Friday, after trading at 535/dollar on Thursday.
After tumbling to 575/dollar recently, the local currency began a gradual uptick in recent weeks peaking at 530/dollar last week.
Operators in the parallel market, who spoke to our correspondent on Monday, said the local currency was bought and sold at 550/dollar and 555/dollar respectively.
An operator in the black market attributed the fall to an increase in demand for the greenback.
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At the Central Bank of Nigeria’s Investor & Exporter Window, the naira fell by 0.16 per cent to close at 415.07/dollars after reaching a new high of N445.75.
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The CBN however maintained 411.63/dollar as the official rate on its website.
Watch our trending video of the day below;
Photo Credit: Getty