Naira loses value against dollar again

Nigeria’s currency, the naira, dropped in the foreign exchange market on Wednesday versus the US dollar.

The country’s currency dropped from N830.97 per dollar the day before to N840.53 at the close of business on Wednesday, according to FMDQ data.

Comparing the figure to the exchange rate at Tuesday’s end of business, there is a N9.56 depreciation.

Since last week, the nation’s currency has declined twice on the official foreign exchange market.

READ ALSO: Naira is now worth more and can be exchanged at a rate of N791 per dollar

In a same vein, on Wednesday, Naira traded at N1,150/$1 at the Parallel Market, up from N1,130/$1 on Tuesday.

The nation’s FX turnover rose to $198.21 million, a 61.86 percent increase.

The event occurred after Dr. Olayemi Cardoso, the governor of the Central Bank of Nigeria (CBN), neglected to call a meeting of the Monetary Policy Committee for the second time in two months.

Remember that since CBN implemented changes in June of this year, the value of the naira has fluctuated in the foreign exchange market.