The Nigerian naira NGN=D1 depreciated further against the dollar at both the interbank market and official window on Wednesday as the central bank was unable to meet demand for the greenback at its auction.
The naira weakened to 153.20 to the dollar in the interbank market from 152.85 on Tuesday.
The central bank for the third time this year failed to meet all demand at its bi-weekly auction and has also depreciated the local currency at its window in all the three sessions.
The regulator sold $350 million at 150.01 to the dollar, short of the $464 million demanded, but it was higher than the $300 million sold at 149.80 to the dollar on Monday.
Traders said the naira initially appreciated against the U.S currency on Tuesday and early trade on Wednesday because of speculation that the state-run energy firm NNPC was planning to sell about $200 million to some lenders, but weakened after the central bank released the forex auction res