Naira loses N12.29 on Wednesday

The Nigerian naira depreciated against the US dollar on Wednesday, falling by N12.29 to N1606.56 per dollar. This comes after a brief appreciation on Tuesday, according to data from the FMDQ.

At the black market, the naira remained unchanged at N1620 per dollar. The foreign exchange transaction turnover increased to $160.94 million on Wednesday, up from $156.94 million the previous day.

Despite interventions by the Central Bank of Nigeria, including the recent Retail Dutch Auction System, the naira has continued to fluctuate against the dollar and other foreign currencies.

Key points:

• Naira depreciates against US dollar by N12.29 to N1606.56 per dollar
• Black market rate remains unchanged at N1620 per dollar
• Foreign exchange transaction turnover increases to $160.94 million
• Central Bank of Nigeria’s interventions have failed to stabilize the naira
• Naira continues to fluctuate against the dollar and other foreign currencies.

Note: The article is a report on the current exchange rate of the Nigerian naira against the US dollar, and the fluctuations in the foreign exchange market.