The Naira weakened further on Wednesday, trading at ₦1,585 per dollar in the parallel market, down from ₦1,565 per dollar on Tuesday.
In the official Nigerian Foreign Exchange Market (NFEM), the currency also depreciated, reaching ₦1,546 per dollar compared to ₦1,537 the previous day. According to data from the Central Bank of Nigeria (CBN), this represents a ₦9 drop in value.
As a result, the gap between the parallel market and the NFEM rate widened to ₦39 per dollar, up from ₦37 per dollar on Tuesday, reflecting continued pressure on the local currency.
