The naira on Friday, January 22, dropped by 0.3 per cent at the parallel market barely 24 hours it hedged up against the dollar.
The News Agency of Nigeria (NAN) reports that the naira lost N1 to exchange at N297 to the dollar. It had previously traded for N296 to the dollar on Thursday.
It, however, continued to exchange at N197 to the dollar at the official interbank window.
Traders at the market said that the scarcity of the dollar was having negative impact on the market.
They added that there were apprehensions that the apex bank might come up with yet another policy next week.
NAN reports that the Monetary Policy Committee Meeting (MPC) of the Central Bank of Nigeria (CBN) will be held on Jan. 25 to Jan. 26.