By Omodele Adigun
The Nigerian currency, Naira, fell against the dollar at the official segment of the foreign exchange market on Wednesday, closing at N1,537.990 to the dollar.
The official exchange rate at the market on Tuesday was N1,534.5000 to the dollar.
Bid rates quoted by traders in the market on Wednesday ranged between N1,534.0000 and N1,535.5000 to the dollar.
The depreciation of the naira in the market on Wednesday was due to increasing demand for foreign exchange in spite of the $160 million injected into the market by the Central Bank of Nigeria last week.
Meanwhile, the naira exchange rate at the parallel market in Lagos on Wednesday was between N1,545 and N1,550 to the dollar.
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