Again, the naira is defeated by the dollar.

At the Investors and Exporters window on Monday, the naira fell against the dollar and traded for N434.00.

The rate is down 0.75 percent from N431.50 to the dollar at the close of business on September 2.

On Monday, the open indicative rate reached a low of N431.30 to the dollar.

Prior to settling at N434.75, the exchange rate for the day’s trade reached a high of N437.50 to the dollar.

In the course of the day’s trade, the naira dropped as low as N425 to the dollar.

On Monday, transactions at the official Investors and Exporters window totaled 99.68 million dollars.

Some people think that the recent warning made by the CBN governor contributed to the naira’s depreciation.

After falling to a record low on the spot market the previous day, the value of the Nigerian naira against the dollar modestly increased on the official market on Wednesday.

Data uploaded on the FMDQ website, where forex is legally exchanged, showed that the currency gained to N430.00 per dollar on Wednesday from N431.00 it traded at the Nafex window in the previous session on Tuesday.

In the parallel market, the exchange rate declined to N705 per $1 due to a shortage of foreign currency supply as demand rose.