The naira continued its downward slide on Monday, falling to N702 per dollar at the parallel market.
The figure represents N10 or 1.4 percent depreciation compared to the N692 it traded last week.
According to Bureaux De Change (BDC) operators in Lagos and Abuja, the development is the result of high demand for dollar in the street market.
The street traders put the buying price of the dollar at N690 and the selling price at N700-N702, leaving a profit margin of N10-N12.
The naira for the first time last month, weakened to N707 a dollar following the aid by security operatives on BDC hubs in Abuja, and Lagos.
At the official market, the local currency appreciated 0.08 percent against the dollar to close at N430.33 at the end of the last trading day (Friday), according to FMDQ OTC Securities Exchange, a platform that oversees foreign-exchange trading in Nigeria.
An exchange rate of N444 to the dollar was the highest rate recorded within the day’s trading before it settled at N430.33.
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