The value of the naira yesterday weakened further at the parallel market despite the supply of dollars by the Central Bank of Nigeria to Bureau de Change operators, selling at N1,685 to the dollar on the streets.

Compared to N1,653 which it sold at the parallel market on Wednesday, the value of the naira declined at the parallel market in Lagos and weakened even further in Abuja to N1,705 to the dollar.

At the official Investor and Exporter (I&E) window, the value of the naira grimed closing at N1,5576.10 to the dollar at the close of business on Thursday as against N1,667.42 which it closed on the window on Wednesday.

The CBN had on Wednesday announced that it would be providing liquidity at the parallel market by selling $20,000 at the rate of N1,590 to the dollar to each BDCs to meet the demand for invisible transactions.

The naira fell to an all-time low of N1,667.42 per dollar in the official market on Wednesday, a day after the Central Bank of Nigeria (CBN) raised its benchmark interest rate to 27.25 per cent to rein in core inflation and stabilise the exchange rate market.

After Wednesday trading, the naira fell by 0.54 percent, keeping the exchange rate at N1,667.42/$ compared to N1,658.48/$ seen on Tuesday at the Nigerian Autonomous Foreign Exchange Market (NAFEM).

The local currency fell to a seven-month low of over N1, 700 per dollar in the black market, the lowest fall since February 22, 2024, when the dollar was quoted at the rate of N1,850/$ in the black market, also known as the parallel market.

"Dollar is very, very scarce in the market," one black market operator in Lagos said on Wednesday.

Shortly after the CBN announced the Monetary Policy Committee's (MPC) interest rates hike for the fifth consecutive time this year, the naira depreciated by N95.83 in the official foreign exchange (FX) market on Tuesday, September 23, 2024.