The value of the naira decreased compared to the dollar on the foreign exchange market shortly after appreciation.
According to FMDQ data on Wednesday, the naira dropped by N12.29 to N1606.56 per dollar from N1594.27 on Tuesday.
At the black market, the naira maintained the same rate of N1620 per dollar as on Tuesday.
On Wednesday, foreign exchange transaction turnover rose to $160.94 million from $156.94 million the previous day.
Despite efforts by the Central Bank of Nigeria (CBN), including the recent Retail Dutch Auction System, the naira’s value against the dollar and other foreign currencies continues to fluctuate.