The Nigerian Naira experienced a significant decline against the United States dollar in the Investors and Exporters (I&E) segment on Tuesday, following a slight gain in the previous session on Monday.
The local currency commenced trading at N783.56 on Tuesday but closed at N789.08 to a dollar at the I&E segment, according to data from the FMDQ website.
This rate indicates a 4.3 per cent or 32.14 depreciation from the previous session's rate of N756.94 per $1 on Monday.

The forex turnover saw a marginal increase from $67.21 million on Monday to $67.33 million by the end of trading on Tuesday, as per the data.
Throughout Tuesday's business period, the Naira fluctuated intraday between N804.00 (low) and N700.00 (high) per $1 before finally settling 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.
Following the removal of petrol subsidies and the government's endeavor to unify multiple exchange rates, the local currency has exhibited considerable fluctuations.
Within a short span of less than three months since the unification of rates was implemented, the naira's value has declined by over 70 per cent at the official market, with its trading rate reaching N700 and even surpassing this mark. This is in stark contrast to the mid-May rate of N465.13 per dollar.