The naira, Nigeria’s currency, fell against the US dollar in the foreign exchange market on Wednesday.
According to FMDQ data, the country’s currency fell to N840.53 per dollar at the close of business on Wednesday, down from N830.97 the previous day.
The figure indicates a N9.56 depreciation versus the exchange rate at the end of business on Tuesday.
Since last week, the country’s currency has dropped on the official FX market twice.
Similarly, the Naira traded at N1,150/$1 on Wednesday, up from N1,130/$1 on Tuesday.
Meanwhile, the country’s foreign exchange turnover surged by 61.86% to $198.21 million.
The news comes after Dr. Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), failed to convene the Monetary Policy Committee for the second time in two months.
The naira has fluctuated in the foreign exchange market since the CBN implemented reforms in June of this year, according to Platinum Times.