The naira fell against the dollar at the interbank and parallel markets on Tuesday as inadequate foreign exchange liquidity at the interbank market continued to mount pressure on the naira.
The naira has been falling steadily at the interbank market after the Central Bank of Nigeria floated the local currency completely on Friday.
At the interbank market, the currency fell from N292.9 on Monday to N294.5 on Tuesday as foreign portfolio investors shunned the market and liquidity problem continued to trouble it.
The local currency, which had oscillated between 280 and 284 against the greenback at the interbank market since June 20 when the CBN floated it partially, started falling gradually on Friday following the complete floatation of the currency.
Foreign exchange dealers and experts said the interbank market had been witnessing little trading due to the fact that foreign portfolio investors were shunning the market.