The naira fell to N1,600 per dollar in the Nigerian Foreign Exchange Market (NFEM) today, marking a drop after maintaining a three-month average of N1,500 per dollar. According to data from the Central Bank of Nigeria (CBN), the official exchange rate climbed from N1,569 per dollar on Thursday to N1,600 today, reflecting a N31 depreciation. Similarly, the naira weakened in the parallel market, sliding to N1,565 per dollar from N1,555 previously. As a result, the gap between the parallel market and NFEM widened to N35 per dollar, up from N14 on Thursday.