The Naira depreciated to N1,655 per dollar in the parallel market on Wednesday, down from N1,650 per dollar the previous day.
Similarly, the Naira also weakened in the official foreign exchange market, reaching N1,545 per dollar, compared to N1,538 per dollar on Tuesday.
Data from the Central Bank of Nigeria (CBN) revealed that the exchange rate in the Nigerian Foreign Exchange Market (NFEM) rose to N1,545 per dollar, marking a N7 depreciation from Tuesday’s N1,538.
As a result, the gap between the parallel market and the NFEM rate narrowed to N110 per dollar, down from N112 per dollar on Tuesday.