Nigeria’s naira has  further depreciated against the dollar to N1,677 per dollar on Wednesday, according to data from FMDQ compiled by Bloomberg.

This represents a decline of 8.2 per cent since the end of last week, amid the ongoing shortage of US dollars in relation to the local currency and dwindling foreign capital inflows into the country.

This is happening just as the Central Bank of Nigeria, CBN raised interest rate to 27.25 per cent on Tuesday in a bid to strengthen the naira and reduce inflation.