Nigeria’s currency on Wednesday weakened against the dollar by 1.05 percent to N478, breaking the four days stability of N473 since Friday last week, on the black market.
The naira depreciation, which affected all market segments was attributed to strong demand amid shortage of dollars.
At the Bureau De Change (BDC) segment of the foreign exchange market, Naira weakened by 0.42 percent as the dollar was sold at N475 on Wednesday from N473 traded since last week.
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Naira also depreciated marginally at the Investors and Exporters (I&E) by 0.08 percent as the dollar was quoted at N410 on Wednesday compared to N409.67k quoted on the previous day, data from the FMDQ revealed.
Currency traders who participated in the market maintained bids at between N390.00k and N410.00k per dollar.
