The devaluation is the Nigerian Naira hit a record low against the United States Dollar since President Bola Tinubu took over on May 29.
At the black market, the naira depreciated in value by N5, as the price of the United States currency increased from N995 l/$1 to N1000/$1.
The devaluation also affected the Great Britain Pound as the price of the pound increased in the parallel market, costing buyers N1265/£1, compared to the N1260/£1 the British currency was sold the previous day.
Meanwhile, the naira appreciated in the investors’ and exporters’ window of the official market on Tuesday after the dollar rate settled at N755.08/$1 by the end of trading hours.
According to FMDQ Exchange, the naira to dollar rate contrasted with the N773.25/$1 reported at the close of trading on Monday.
The authorised dealers brought the price of the dollar down by N18.17 kobo. This indicates the value of the Nigerian currency appreciated by 2.34 per cent.
But before the official foreign exchange market closed on Tuesday, the authorised dealers and their clients traded the dollar at a high rate of N851/$1 and low price of N700.