The naira depreciated further at the official market yesterday occasioned by 44 per cent increase in demand.
According to the result of the Wholesale Dutch Auction (WDAS) conducted by the Central Bank of Nigeria (CBN) yesterday, the naira depreciated by three kobo, as the official exchange rate rose to N148.84 per dollar, from N148.81 the previous week.
Demand rose to $530.800mÂ from $367.557m in the last auction. The amount sold also rose by 80 per cent to $450m from $250m.
Last week Monday, the naira appreciated by 10 kobo but fell by the same margin on Wednesday due to increased demand.
Demand rose by 16.7 per cent to $794.86m from $681m in the previous week, the amount sold by the apex bank rose by 50 per cent to $677m from $450m.
The increased supply helped the naira to end the week on a stable note compared with the previous week, as the official exchange rate closed at N148.81 per dollar.
This marked the first time in the last one month that the naira would end the week on a stable note.
But, at the interbank market, the naira continued its downward trend, losing 36 kobo to the dollar. The interbank exchange rate rose to N151.2875 per dollar from N150.9250 the previous week.