By InvestAdvocate

Lagos (INVESTADVOCATE)-The Nigerian naira on Tuesday closed N222/$1 at the parallel market (black market) as the Central Bank of Nigeria (CBN) officially acknowledged the “technical devaluation” it carried out when it closed the rDAS window, a Proshare report said.

“This was announced by the apex bank by changing the Naira/USD official exchange rate on its website from N168/$1 to N199/$1,” the report added.

The current black market rate slightly worsened the position on Monday by 1.0 percent, when it traded for N219.80/$1

The report says demand for forex continues to be low as customers show unwillingness to buy at the prevailing high rate. Forex scarcity diminished due largely to low demand.

Meanwhile the CBN an e-mailed notice affirmed that the interbank rate as at the end of Tuesday stands at N198/$1 compared to N199/$1 traded on Monday.