On Wednesday, the naira bowed to pressure as foreign currency demand in the official market increased by 37.4 percent, IgbereTV reports.
FMDQ reports that at the Investors and Exporters (I&E) segment of the foreign exchange (FX) market demand for the dollar rose to $130.73 million compared to $95.17 million.
The increased demand for the dollar saw Naira depreciate to N416.50/$1 compared with N416.00/$1 it closed on Tuesday.
This indicated that the value of the Naira depreciated at the midweek session by 0.12 percent or 50 kobo.
Similarly, Naira put up a poor performance against the British pounds and Euro.
Nigerian currency against the British Pound Sterling on Wednesday dropped in value by 83 kobo as it was sold at N564.68/£1 compared with N563.85/£1 on Tuesday.
Against the Euro, the local currency lost 73 kobo to trade at N474.12/€1 in contrast to N472.39/€1 it was exchanged on Tuesday.
At the black market, traders at Ajao estate, Ikotun and Ikeja confirmed to Ripples Nigeria on the telephone that a dollar exchanged at N577
