The Naira depreciated against the US dollar on Wednesday at the official foreign exchange market.
Official data from FMDQ disclosed that it dropped to N904.56/$1 at the close of work on Wednesday after opening with N871.12/$1.
The figure represents a 4.38 per cent depreciation to close at N904.56/$1 at the close of business on Wednesday.
The development comes despite the dollar supply increasing by 22 per cent to $120.89 million on Wednesday.
Similarly, Naira depreciated marginally in the parallel market, exchanging at N1,260/$1 on Wednesday from N1,185/$1 the previous day.
DAILY POST reported last week that the Central Bank of Nigeria increased the exchange rate for cargo clearance from N783/$ to N952/$ amid the foreign exchange crisis.
Naira drops against US dollar at forex market
