Naira loses N12.29 on Wednesday

The naira fell against the dollar on the foreign exchange market on Wednesday, 24 hours after appreciation.

FMDQ data on Wednesday showed that the naira depreciated by N12.29 to N1606.56 per dollar on Wednesday from N1594.27 on Tuesday.

Meanwhile, at the black market, the naira remained unchanged at N1620 per dollar, the same rate exchanged on Tuesday.

This comes as foreign exchange transaction turnover increased to $160.94 million on Wednesday from $156.94 million the previous day.

DAILY POST reports that 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.

Naira loses N12.29 on Wednesday