The naira crashed against the dollar on Monday, falling to 1, 030/$ on average at the black market.
The naira had been on a steady recovery in the past week, gaining on a daily basis.
The naira that once depreciated to N1,300 managed to recover up to N950 on Friday.
This is also the first time the naira is falling since the Central Bank of Nigeria began to clear some of its FX backlog last week.
Currency traders, also known as Bureaux De Change operators, told The Punch that the naira was trading at between N990 to N1,030/$.
According to the President of the Association of Bureaux De Change Operators of Nigeria, Aminu Gwadabe, the dollar has gained against the naira because people who had bought it at a higher price are resisting its fall following the Central Bank of Nigeria’s move last week.
Also, the naira declined by 3.6 per cent at the official market to close at N809.02 to the dollar on Monday from N780.23/$ on Friday according to details on FMDQ OTC Securities Exchange.
