The free fall of the naira against the dollar continues on Tuesday at the parallel market.
The exchange rate fell to N557 per dollar at the parallel market on Tuesday, according to the data on abokiFX which tracks the black market rate.
This is a N7 naira depreciation compared to the closing rate of N550 per dollar on Monday.
Naira also dropped to N645 against the euro and N760 against the British pounds. On Monday the rate closed at N636 per euro and N750 per pound.
However, at the I & E Window where naira is exchanged officially, the exchange rate opened at N412.18 per dollar, a N0.57 appreciation compared to the closing rate of N412.75 per dollar on Monday.
Nevertheless, naira fell by N0.75 at the window on Monday compared to the closing rate of N412.00 per dollar on Friday.
The daily forex turnover at the window increased to $161.82 million on Monday from $88.39 on Friday.
Compared to the exchange rate at the black market on July 27, the day the Central Bank said it has stopped selling foreign exchange to Bureaux De Change operators in the country, naira is weaker by N52, as it closed at N505 per dollar on July 27.
Similarly, at the I & E Window, naira is weaker by N0.91 compared to the closing rate of N411.67 per dollar on July 27.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.
