The value of Nigerian currency has crashed further against the US dollar, euro, and British Pound in the official and unofficial foreign exchange market.

According to data from the Central Bank of Nigeria at the end of trading at the Nigerian Foreign Exchange Market (NFEM) naira fell to 1,535.73/$1 on Tuesday, March 11.

Tuesday's exchange rate showed that the Nigerian currency lost 0.22% or N3.44 compared to the closing rate of N1,532.29/$1 on Monday, March 10.

It was the same outcome for the naira against the British pound sterling and also the euro in the official market.

Data shows that the naira closed against the pound sterling at N1,985.93/£1 on Tuesday which is higher than the closing rate of N1,978.48/£1 a day earlier.

Similarly, the naira depreciated further to the euro as it ended Tuesday's trading at N1,675.4/€1 compared to Monday's rate of N1,658.07/€1.

The depreciation of the naira continued in the parallel market also known as the black market.

In the black market, Bureau de Change operators confirmed that the dollar was sold at a parallel higher rate of N1,580/$1 compared to the previous day's rate of N1,575/$1.

Abdulahhi, a BDC trader gave a breakdown of the exchange rate to Legit.ng:

"I sell the dollar at N1,580/$1 and buy at N1,568. For the pound and euro, I sell at N2,010 and N1,685, and buy from my customers at N1,990 and N1,970, respectively."

Here is a snapshot of CBN's exchange rate against other foreign currencies' below:

-CFA: N2.53

-Yuan/renminbi: N212.45

-Danish krona: N224.61

-Euro: N1,675.48

-Yen: N10.42

-Riyal: N409.60

-South African rand: N84.10

-Swiss franc: N1,746.42

-Pounds sterling: N1,985.94

ABCON sends a message to CBN

Aminu Gwadabe, president of the Association of Bureau De Change Operators of Nigeria (ABCON), has called on the CBN to resume direct sales of dollars to traders.

He revealed that commercial banks are not selling to them and that the apex bank's intervention is needed for naira stability.