The value of the naira crashed further on Wednesday as the exchange rate between the naira and the US dollar tumbled beyond the N700/$1 threshold at the parallel market, popularly known as the black market, Nairametrics reported.
The exchange rate started the day at N675/$1, the report said citing information from Bureau De Change operators in Lagos State.
The excahnge rate at the cryptocurrency P2P Exchange market also fell N702.8/$1, a 5.4% depreciation compared to N667/$1 recorded in the last trading session.
Bureau De Change operators said the fall in naira value is due rising demand amid lack of FX.
At the I & E Window which is the official FX market, the exchange rate fell to N431/$1 on Tuesday from an opening rate of N427.30/$1.
Naira exchanged as high as N444/$1 and as low as N414.00/$1 on Tuesday, data on FMDQ showed.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.