The Naira, on Tuesday, slumped massively against the dollar at the both official and parallel foreign exchange markets.
FMDQ data showed that the Naira fell to N1,637.59 per dollar on Tuesday from N1,580.46 exchanged on Monday.
This represents a significant N57.13 depreciation against the dollar compared to the N1,580.46 exchange rate traded the previous day.
Similarly, at the black market, the Naira weakened by N5 to N1,660 per against compared to N1,655 exchanged on Monday.
The depreciation comes after two days of Naira’s appreciation against the dollar at the foreign exchange market.
The Central Bank of Nigeria (CBN), last week Friday, had sold $20,000 each to eligible Bureau De Change operators at the rate of N1,580 per dollar rate.