The value of the naira depreciated at the unofficial market on Wednesday as it traded at 1,705/dollar, according to Bureau De Change operators in Lagos and Abuja.
On the Nigerian Autonomous Forex Exchange Market domiciled on the FMDQ Securities, the naira closed trading at 1659.69/$, indicating a 0.04 per cent depreciation from 1658.97/$ that it traded on Tuesday.
On the official market, the naira traded at a high of 1,682/$ and a low of 1,562.97/$.
The daily turnover dipped to $177.10 from $217.86m on Tuesday.
The value of the naira reached a new low on Monday, closing at 1,700/dollar, a 0.29 per cent decline compared to N1,695 to the dollar, which it exchanged last week Friday.
The World Bank has recently listed the naira as one of the worst-performing currencies in Sub-Saharan Africa in 2024
As of August, the local depreciated by approximately 43 per cent year-to-date, ranking it among the weakest currencies alongside the Ethiopian birr and the South Sudanese pound.
