The naira fell by 17.91 per cent to N951.22/$ on the official Investor and Exporter forex window on Wednesday.
This was as the dollar supply fell by 4.94 per cent to $135.58m from $142.63m.
Data obtained from FMDQ Securities Exchange revealed that the naira suffered a loss of N144.49 against the dollar after closing trading on Tuesday at N806.73/$.
The naira opened trading at N828.33/$ before hitting a high of N1159.10/$ and low of N701.00/$. It eventually closed trading at N951.22/$. Total dollar turnover on Wednesday was $135.58m.
In its recent Africa Outlook report, the Economist Intelligence Unit, said,
“In Nigeria, an unsupportive monetary policy implies that the naira will remain under pressure, while the central bank lacks the firepower to adequately supply the market or clear a backlog of foreign exchange orders, which will keep foreign investors unnerved.
“High inflation and a continued spread with the parallel market will leave the exchange rate regime unstable and result in periodic devaluations.”