The naira depreciated again against the dollar in the foreign exchange market on Wednesday as the supply of foreign exchange fell.

FMDQ data showed it depreciated slightly to N1,631.17 per dollar on Wednesday from the exchange rate of N1,630.35 on Tuesday.

This represents a marginal loss of N0.80 against the dollar compared to N1,630.35 traded on the precious day.

Similarly, on the black market, it fell to 1,750 naira per dollar on Wednesday from 1,748 naira exchanged on Tuesday.

This is because the volume of foreign exchange transactions decreased to 128.98 million dollars in the period analyzed, from 242.59 million dollars recorded the previous day.

The depreciation occurs just 24 hours after the naira appreciated against the dollar on Tuesday.

In recent months, the naira continued to fluctuate against the dollar despite interventions by the Central Bank of Nigeria.

Meanwhile, the World Bank recently urged the Central Bank of Nigeria to refrain from intervening in the country’s foreign exchange market through foreign exchange auctions.