The Naira fell to N1,670 per dollar in the parallel market on Wednesday, down from N1,660 per dollar on Tuesday. Likewise, the currency weakened to N1,550 per dollar in the official foreign exchange market.
Data from the Central Bank of Nigeria (CBN) revealed that the exchange rate for the Nigerian Foreign Exchange Market (NFEM) increased slightly to N1,550 per dollar, up from N1,549 per dollar on Tuesday, marking a N1 depreciation for the Naira.
As a result, the gap between the parallel market and NFEM rates expanded to N120 per dollar, compared to N111 per dollar the previous day.
