The new rate represents a 9.8 per cent increase when compared to N1,400 to a dollar it traded at the close of trading activity on Friday.
This came as the Senate through its Committee on Finance called for concerted efforts by all relevant stakeholders to rescue and sustain its stability.
The senate said there was an urgent need for concerted efforts to tackle the instability and continuous depreciation of the Naira.
Currency traders at the popular Wuse Zone 4 market, who spoke with one of our correspondents on Sunday, blamed trading uncertainty of the market as reason for the fluctuations in the exchange rate.
They added that the government must either to choose to increase the currency value or devalue for market stability.
The operators did not provide a selling rate for Sunday, citing the absence of trading activity.
A trader, Malam Yahu Ibrahim, said operators were taking too much risk trading the naira due to its instability.
He said, “We take risks against ourselves every day because I don’t know how they are doing it, the naira is just swinging. “If the government wants to bring down the dollar totally, they should do it or if they want the naira to fall, they should do it and not allow it to fluctuate. It is killing businesses.”
“We are not even seeing the effect of the CBN dollar sale to BDCs, we are not seeing any effect.”