The naira weakened to N1,620 per dollar in the parallel market yesterday, down from N1,575 on Tuesday. However, it gained slightly in the Nigerian Foreign Exchange Market (NFEM), appreciating to N1,611.55 per dollar. According to data from FMDQ, the indicative exchange rate fell from N1,612.24 on Tuesday, reflecting a 69 kobo gain. As a result, the gap between the parallel market and NFEM rates narrowed significantly to N8.45 per dollar from N37.24 previously. Currency dealers attributed the naira’s drop in the parallel market to rising demand and limited supply.