On Monday, May 16, the dollar was swapped at N600 on the parallel market.

On Monday, currency dealers in Uyo exchanged the Naira for N595.00 and sold it for between N596.00 and N600.00 per dollar, while black market dealers in Abuja's Wuse Zone 4 said the currency was converted for N594.00 and sold for N595.00 per dollar.

The Naira, which commenced trading at N417.30 to a dollar on Monday, May 16, concluded at N421.50 to a dollar at the close of business on FMDQ, where forex is legally exchanged.

Fears of a further devaluation of the national currency have grown as the local currency has depreciated.