The Naira experienced further depreciation in the parallel market on Wednesday, trading at N1,655 per dollar, down from N1,650 per dollar the previous day.
Similarly, in the official foreign exchange market, the Naira weakened to N1,545 per dollar, compared to N1,538 per dollar on Tuesday.
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According to data released by the Central Bank of Nigeria (CBN), this reflects a N7 decline in the exchange rate within the Nigerian Foreign Exchange Market (NFEM).
As a result, the gap between the parallel market and official exchange rates narrowed to N110 per dollar, compared to N112 per dollar on Tuesday.
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