The naira recorded a 4.3 per cent decline on Tuesday to close at N789.13 per $1

Naira fell considerably against the United States dollar on the Investors and Exporters (I&E) on Tuesday after recording a slight gain in the previous session on Monday.

The local currency opened trading at N783.56 on Tuesday but closed at N789.08 to a dollar at the I&E segment, market data posted on the FMDQ website showed.

Tuesday's rate implies a 32.14 or 4.3 per cent depreciation from N756.94 per $1 recorded in the previous session on Monday.

Forex turnover rose slightly from $67.21 million posted on Monday to $67.33 million at the close of sales on Tuesday, the data showed.

The local currency recorded an intraday swing of N804.00 (low) and N700.00 (high) per $1 within the business period on Tuesday before halting at N789.08 per $1.

However, black market data posted on Tuesday revealed that the dollar was exchanged at N865.00 and above on Tuesday, the same range it traded on Monday.

The local unit has recorded relative volatility in the wake of the removal of petrol subsidies and the government's efforts to unify multiple exchange rates.

In less than three months since the move to unify rates took effect, the naira has depreciated by over 70 per cent at the official market to trade at N700 and above the mark from N465.13 per dollar it traded in mid-May.