The Naira dropped against the dollar in official and parallel foreign exchange markets at the close of Wednesday amid spike in inflation rate.
FMDQ data showed that the Naira weakened further to N1,551.10 against the dollar on Wednesday, from N1,549.65. This means that the Naira lost N1.45.
This coincided with the spike in inflation rate to 34.8 per cent
Similarly in the black market, the Naira depreciated by N7 to close at N1,667 per dollar on Wednesday, from the N1,660 exchange rate the previous day.
The Naira dipped in the two FX markets on Wednesday, unlike on Tuesday when it recorded mixed results.