The naira continued its downward trend against the dollar in the foreign exchange market on Wednesday. Data from FMDQ indicated that the naira declined to N1667.42 per dollar on Wednesday, down from N1658.48 on Tuesday, marking a decrease of N8.94. 

Further examination revealed that over the past 48 hours, the naira has depreciated by N104.76 in the official foreign exchange market. 

In the black market, the naira also fell to N1705 per dollar on Thursday, a drop from the N1675 rate observed on Tuesday. This marks the first time in several weeks that the naira has surpassed the N1700 threshold against the dollar in the parallel market. 

This situation arises in the context of the recent 27.25 percent interest rate increase by the Central Bank of Nigeria, which is affecting the nation's economy.