The highest spot rate recorded on Tuesday, was N1,519.78/$1 while the lowest spot rate recorded was N894.99/$1.
Analysts attributed the weakening of the exchange rate to the activities of currency hoarders.
“It must be emphasised that CBN does not have a magic wand that can be waved at the current economic…
Nigeria’s economy has been under pressure since the Central Bank of Nigeria (CBN) floated the currency in June.
This is against the backdrop of unbridled borrowing and rising debt service cost which exceeded revenue by as much as…