The naira weakened to 410 per dollar against the United States currency on Tuesday, down from 405/dollar recorded on Monday. This was despite the Central Bank of Nigeria’s attempt to improve dollar supply and prop up the local unit.

The CBN had on Monday auctioned $100m in forwards to be settled between one week and 30 days’ time, as against 60-day contracts it had written previously, shortening the settlement period on forwarding contracts to inject liquidity.

On the official market, the naira closed at 306.10/dollar on Tuesday.

Source : http://www.dailydigest.ng/naira-plummets-410dollar/