The local currency closed at N316.24 to the dollar at the segment from N338.96 traded on Tuesday.

At the Bureau De Change (BDC), the naira exchanged at N413, N530, and N460 against the dollar, pound sterling and the Euro, respectively.

The naira, however, extended its losses at the parallel market, trading at N420, N535 and N461 against the dollar, Pound Sterling and the Euro, respectively.

The naira was traded at N418, N531 and N461 to the dollar, pound sterling and Euro, respectively at the parallel market on Tuesday.

Traders said that scarcity of foreign exchange was still taking toll on the market.

Alhaji Aminu Gwadabe, the President, Association of Bureau De Change Operators of Nigeria (ABCON), said the dollar rate at the parallel market was unacceptable.

“Evil forces at the market under the mask of speculators are profiting from the hike in the dollar rate.”