The naira on Wednesday depreciated across the foreign exchange (FX) markets following a decline in liquidity and a slight increase in demand for the dollar.
Data from the Central Bank of Nigeria (CBN) showed that after trading on Wednesday, the naira weakened by 0.3 percent as the dollar was quoted at N1,438.49 compared to N1,433.65 recorded on Tuesday at the Nigerian Foreign Exchange Market (NFEM).
In the parallel market, also known as the black market, the local currency lost N20 to close at N1,460 per dollar, marking a 1.4 percent depreciation from N1,440 recorded the previous day.