The Naira weakened yesterday, trading at N1,670 per dollar in the parallel market, compared to N1,660 per dollar on Tuesday.
In the official foreign exchange market, it also depreciated to N1,550 per dollar. Data from the Central Bank of Nigeria (CBN) revealed that the Nigerian Foreign Exchange Market (NFEM) exchange rate rose slightly to N1,550 per dollar from N1,549 per dollar on Tuesday, marking a N1 decline for the Naira.
As a result, the gap between the parallel market and NFEM rates widened to N120 per dollar from Tuesday’s N111 per dollar.
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