The overnight inter-bank rates rose to 17.83 percent on Tuesday, higher than 15.58 percent the previous day. Also, the Open Buy-Back (OBB) increased to 16.75 percent from 14.83 percent, data from FMDQ show.

The Nigerian currency on Tuesday dropped further in value to a low record of N507 per U.S dollar at the parallel market following supply shortage.

Naira has been trading at N500 against the dollar since last week. This has further widened the margin between the official and parallel market to 40 percent.

At the official inter-bank spot market, the local currency weakened marginally, closing at N305.50k per dollar. Against other currencies, naira depreciated to N620 per pounds sterling and N530 against the Euro at the parallel market.   

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