Naira becomes more worthless against the value of dollars.

The value of the naira fell to an all-time low at the Nafex Window, falling 0.11 percent from N436.00. The Naira continued to deteriorate, dropping 0.11 percent to its lowest level on the spot market against the US dollar.

Source

This happened as the turnover of foreign exchange increased by 30.4 percent from $63.05 million. According to data from the FMDQ website, which revealed where official forex is exchanged, the Naira opened at N431.88 per $1 but ended the trading day at N436.50, declining 0.11 percent from N436.00.

As a result, the naira has lost 0.4% of its value over the last three working days. The exchange rate for the Naira at the NAFEX window was N436.50 per $1, the lowest official market rate it has ever reached. The currency fluctuated within an intraday range of N437.50 (low), shot up to a high of N418.00, and then settled at that price.

Source

The Naira has been stuck in the market range of N419.00 and N430.00 and above for the past few weeks and months due to persistent inflationary pressures, an increase in foreign exchange demand, and dwindling foreign reserve.

In the unregulated market, the Naira's volatility against the dollar was also made worse by the growing demand and dearth of available dollars. Currency exchangers on the underground market sold dollars for between N703.00 and N705.00 per unit, exchanging one dollar for N700.00.

Today's market was dispersed; we had great needs, but money is in short supply. The banks aren't giving us the deals we desire. We have this scarcity because they are not giving their consumers the amount of money that they are seeking.

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