The exchange rate between the naira and the US dollar has fallen further to a record low on the black market, trading at a minimum of N740/$1.
This fall can be attributed to the continuous scarcity of forex and increased demand in the market, according to FX traders.
According to market analysts, the dollar sells for an average of N740/$1 and buys for a maximum of N730/$1.
The exchange rate has maintained a downward trend, following the move by the apex bank to raise the interest rate to a 20-year high of 15.5%, representing 150 basis points increase from the 14% stated at the previous MPC meeting.
According to the Nairalytics exchange rate tracker, the rate at N740/$1 is the highest on record.
Meanwhile, at the peer-to-peer cryptocurrency exchange, the exchange rate moderated to N716.4/$1 against the US dollar on Tuesday morning from N736.8/$1 recorded in the previous session.